Dishonesty plus Breach of Fiduciary Duties can Add up to Fraud

The Privy Council has added an interesting twist to the developing jurisprudence of commercial fraud in Grant Adams v The Queen, a recent appeal from the Court of Appeal of New Zealand. The judgment seems to suggest that the dividing line between ‘civil’ wrongdoing (ie breaches of fiduciary duty, company law obligations) and ‘criminal’ wrongdoing (ie theft and fraud) is not an impenetrable barrier.