Are there failed fiduciary funds? Are fiduciary investments safe?

A dispute arose between La Dolce Vita and Ms. Zhang over the acquisition. Between March 2014 and November 2014, payments totaling US$142 million were made from this account to SETL's account at Credit Suisse and transfers totaling US$85 million were made from this account to SETL's account at Deutsche Bank. In June 2014, Ms. Zhang established a Cook Islands family trust known as Success Elegant Trust, in' 'in favor of her son, his children and descendants (the Trust). At the Hong Kong trial, Ms. Zhang stated in her deposition that the Trust was irrevocable and that she was "completely excluded from any direct or indirect interest derived from the property, assets and income created under the trust" and she had "no rights in relation to the trust, including the right to revoke or appoint a settlor or increase/decrease the beneficiaries." In addition, the day after the Trust was established, in June 2014, Ms. Zhang transferred SETL's sole shareholding in AsiaTrust Limited as trustee of the Trust. In March 2015, these Bank Accounts held by SETL were frozen when the banks were granted freezing orders against Ms. Zhang. In May 2020, as creditors of Ms. Zhang,' 's and two BVI companies were issued two awards in Hong Kong which recognized and sanctioned arbitral awards rendered in their favor in CIETAC arbitration proceedings. Registration orders to register these two awards were issued in Singapore in November 2020. Following these orders, La Dolce Vita sought to enforce these awards in Singapore and to appoint a receiver for the funds and securities held in the Bank Accounts (Money). The enforcement proceedings were commenced on the basis that, despite the Bank Accounts' legal ownership of SETL, Ms. Zhang remained the beneficiary, making these accounts susceptible to objections from Ms. Zhang's creditors.