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This is the unfolding story of Philippa, her parents Joseph (“Uncle Mani”) and Anne, my nephews Francis (Franz Tassilo) and Peter Charles, and the Industrie und Finanzkontor Etablissement (IFkE), a trust company in Vaduz.

Uncle Mani was the son of Carlo Seilern and his second wife, Ilse Olden (see p.6). He was a kind man with a quiet sense of humour. Sadly, he struggled with autism and often found it difficult to express himself.

During World War II, while hospitalized, Mani met Anne, a nurse at the time. They later married, and their daughter Philippa was born in Hereford in 1948.

The family was never particularly well off, but Mani’s elder half-brother, Antoine Seilern, provided significant support. After the war, Mani, Anne, and Philippa eventually settled in Oberndorf, near Kitzbühel.

Inheritance and Relocation

When Uncle Antoine died in 1978, he left roughly 10 million Swiss francs to Philippa, who was then 29, and a smaller sum to her father.

My brother, Friedrich Carl (“Boy”), was at that time representing Hambros Bank in Zürich. Since no one in the family had business experience, Boy persuaded Uncle Mani and Philippa to take up residence in Monte Carlo and to place their inheritance into a foundation (Stiftung), likely named Kalamitsi after the town on Sithonia’s southern tip—or perhaps more ironically, Calamity.

In 1978–79, they first moved to Nice and soon after bought a double apartment at 49 Avenue Hector Otto in Monte Carlo, shortly after the building was completed (see sketch).

I vividly recall Uncle Mani’s reluctance at the time:

"I don't want to live in Monte Carlo, but Boy insists ..."

The apartment was held through a corporate entity called Gasenza Trust reg., based at Herrengasse 21, 9490 Vaduz—the same address as IFkE (see note next page). Apparently it was sold sometime before April 2022.   

Later, they acquired a beautiful property in Lagos, Portugal, reportedly held through Rakuira Ltd., incorporated, oddly enough, in Delaware !!

The Stiftung

The Stiftung was originally set up in 1979/80 by Josef Meran (1920-1989) through Industrie u. Finanzkontor Etabl. (IFkE), a Liechtenstein Treuhandgesellschaft (fiduciary) founded in 1948 and today managed by Michael Liechtenstein and Boy's youngest son Francis (also a board member of Seilern Investment Management Ltd in London).

The purpose of setting up a foundation for Philippa and her parents in 1979 was to protect Antoine Seilern’s bequeathal from expropriation, maintain discretion and avoid taxes.

In those days it was probably the right approach because Italy and France (mai ’68) were politically fragile; however over time it became an expensive and useless arrangement.

The foundation was originally established in 1979/80 by Josef Meran (1920–1989) through Industrie und Finanzkontor Etablissement (IFkE), a Liechtenstein fiduciary company founded in 1948. Today IFkE is managed by Michael Liechtenstein and Boy’s youngest son, Francis, who also sits on the board of Seilern Investment Management Ltd. in London.

The foundation’s purpose was to shield Antoine Seilern’s bequest from expropriation, to maintain discretion, and to minimize taxes. In the late 1970s, this was arguably a prudent step, given the political instability in Italy and France (post–Mai ’68).

Over time, however, the arrangement became both costly and unnecessary. Since Philippa was domiciled in tax-free Monte Carlo, she had no need for such a complex structure ( see origin and breakdown of assets ). Instead, IFkE collected fees and commissions while providing little genuine service in return.

It is believed that liquid assets remain under the “Joseph Seilern Trustfund” (p.18), managed by Seilern Investment Management in London. 

Note on  Gasenza Trust reg

Same address as Industrie und Finanzkontor Etablissement.

(See pages extracts)

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