The ultimate resposibility lied with the directors of MFSIM to...

The ultimate resposibility lied with the directors of MFSIM to make decisions on behalf of PIF. As MFSIM was owned by MFS they would have been paid a management fee for acting as the responsible entity. MFS staff would also been involved in the operation of the fund. As the case with any fund though the control of that fund (ie. the responsible entity) can be changed via a unitholder vote - which was the case once Wellington got involved. My argument for bringing the MFS directors/management to account (even though it doesn't seem to have happened yet) is that MFS was a fund manager and more than likely used money and assets from those funds to purchase other assets which were not in direct control of MFSIM. The company seems to have been run by people who had no regard for the investors of PIF. They were predominantly concerned with growing the share price of MFS which ultimately failed due to market conditions and a high level of debt.