Question
The Pirelli Family Trust was settled by Giuseppi in 2013 to be managed in accordance with a Trust Deed. Bruno and Franco are the trustees.
The Pirelli Family Trust was settled by Giuseppi in 2013 to be managed in accordance with a Trust Deed. Bruno and Franco are the trustees. The shareholding consists of real and personal property. That deed provides that each year, dividends are to be paid out equally between the three children, Maria, Marco and Tina.
Bruno's favourite niece is Tina. In 2014, the first year of the distributions, Bruno pays Tina three quarters of the total dividends paid to the trust to help her with her university studies. He tells her not to tell the others. Tina gets drunk (for the first time) at a party and tells Sophia, Maria's best friend about the money. Sophia tells Maria.
Maria confronts Giuseppi. Giuseppi tells her that he did not intend for the dividends to be held on trust - he just did that for tax avoidance reasons and that he can do what he likes with the funds, including give most of them to Tina because she is such a good girl.
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