Originally Posted by
toilet flush
I asked API about this legal action and I received the following response:
As of 18:30 (Dubai time) 29 January, Sovereign Trust Guernsey had not been served any papers, warrants, legal documents, notes or anything that could be construed as a legal notification. This is not to say the Trust won't be served in the future but does highlight the accuracy of his statements.
The Trustee was sent a screenshot of the post from PPRuNe and had no idea to what the poster was referring.
The monthly contributions are used to run the API business. Anything which effects the API business is managed through contributions. Counter claims are a part of the business. Paying the current 21 (soon to be 22 ) claimants is also part of the business.
FACT The Summons has been served by H M Sergeant.
FACT you revealingly use the word
API ‘business’:
members take note your small & friendly pilot hand holding mutual has mutated and is now a business.
FACT Sovereign (Guernsey)Limited through Managing Director SH have a Fiduciary duty to protect pilot members money. They do
not have the right to an open blank cheque book to the pilot fund.
FACT Most at risk are
the 21 current (soon to be 22 ) claimants as they are net beneficiaries from the fund:
they would do well to point this out to SH and keep a close watch on this case which goes on public record Friday.
Reminder: nowhere do the rules state the funds can be spent on “ anything which effects the API business”. (see the purported quote from API above).The current rules of the plan contain no mention of the funds being squandered on ‘liabilities’ arising out of legally challenged ‘recommendations’ made by Harvey Watt & Co who contracted the doctors who write their opinions in those reports.
As the
API Consultants can change those rules at will members need to remain diligent and note any changes to the rules.
For the record the current rules state:
16 INVESTMENTS AND ACCOUNTS
16.4 All contributions paid by, or on behalf of the Members, less any remuneration or expenses shall be invested and/or held to administer the Plan and to fund the liabilities of the Plan
to the extent that the Plan allows. The Trustee shall, where there have been deductions made in respect of remuneration or expenses provide the Members with a proper accounting for such deductions.
API Rule 16.4 API – 4 December 2017 Page 20 of 27
(
notice how the ‘to fund the liabilities of the Plan to the extent that the Plan allows’ has become “to fund anything which effects the API business” and ‘The monthly contributions are used to run the API business’). Eyes wide open ? Point made.
Free legal advice: the 21 (soon to be 22 )claimants already receiving benefits who oppose their pilot fund being squandered on legal fees can ultimately
write to the Guernsey Financial Services Commission and Channel Islands Ombudsman to complain using the following links:
https://www.gfsc.gg/consumers/compla...make-complaint
https://www.ci-fo.org/submit-a-complaint/
These two authorities effectively police (regulate ) the Trustee holding your fund and they will take your concerns seriously. Their service is free.
This is your legal right SO USE IT !
opinion : behavioral evidence (
Reckless video page 8 above) suggests the PD ‘superman’ will attempt to instruct the Trustee Sovereign to use the pilot funds on a Risky Risky court case.(by changing the rules or poetic license )
After all its not his money.
Likely fallout /
collateral damage to the brand reputation of employers and businesses involved is a real possibility.