Abstract
The second Plaintiff, Melton Medes Pension Trustees Ltd had in 1986 loaned some £5m from pension funds under its administration to the first Plaintiff, Melton Medes Ltd. It was in respect of this loan and its repayment that, in 1992, certain of the pension fund beneficiaries brought civil proceedings against the Plaintiffs in this action seeking compensation for losses to the fund, and proceedings against two of the directors of the Plaintiff companies seeking disclosure order, injunctive relief and appointment of a judicial trustee. These proceedings were consolidated into one action which is referred to throughout the judgment as ‘the beneficiaries' action’. Also in 1992 the Investment Management Regulatory Organisation (IMRO) investigated the affairs of the second Plaintiff which led in turn to a formal Securities and Investments Board (SIB) investigation pursuant to ss. 105 and 106 Financial Services Act (FSA) 1986. The loan which was the subject of the beneficiaries' action also formed a large part of the SIB investigation.
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