Fact Preliminary indications are that
the “founding partners ” ( those whose identities remain undisclosed on Aircrew Protection International BVI company registration paperwork and sanctioned by the API “consultants “ including “sewerman” and as referred to in the quoted reference below by Stephen Hare of Sovereign (Guernsey) Limited as “the leaders or API ")
are indeed
embarking on a legal spending spree using pilot members money effectively
using the fund as a legal fund to defend opinions of doctors commissioned by Harvey Watt & Co to deny members claims.
Currently beneficiaries, the recipients of notice of entitlement need to realize this is YOUR money.
If the fund folds as a result of this action
current beneficiaries and members alike cannot hold these individuals responsible .
The API board wrote the rules of no liability themselves
to ensure they will remain immune from prosecution.
RULES OF AIRCREW PROTECTION INTERNATIONAL
17
INDEMNITY
17.1
Neither the Trustee, Aircrew Protection Incorporated, Ltd., its Directors, advisors, consultants, secretarial administrator or administrative staff or any person holding office for the time being or who has in the past held office under the Plan shall be liable for any damages, losses or expenses arising from their acts or omissions in carrying out their respective duties unless arising from their gross negligence or dishonesty in the jurisdiction(s) in which said persons live or work or where funds are maintained.
17.2
No Member, their Nominated Recipient, or their Nominated Beneficiaries shall have any claim against API Limited, the Trustee, the Directors, the Committee or their appointees or representatives should the Plan be legally and properly depleted within the Rules of the Plan or unable to meet the liabilities of the Plan to the Members, or their Nominated Recipient, or their Nominated Beneficiaries concerned. This limitation shall apply irrespective of whether or not a Notice of Entitlement has been issued by the Trustee.
API – 4 December 2017 Page 21 of 27
On point of legal direction:
Whilst Rule 17.1 is clearcut
Rule 17.2 contains a clause that assists beneficiary and member alike:
Rule 17.2 states that the boards indemnity will only stand
in so far as the Plan be legally and properly depleted within the Rules of the Plan
So what can current beneficiaries do right now to protect their future payment entitlements ?
Write to the Ombudsman and GFSC and question the legality and propriety or otherwise of the funds managers and Trustee allowing depletion and or collapse of the fund being caused by the boards decision to illegally and inappropriately allocate funds to finance defending legal liabilties.
Your only effective course of action is to
review post #187 above
and protest to the Ombudsman and Guersey Financial Services Authority using the links provided.
https://www.gfsc.gg/consumers/compla...make-complaint
https://www.ci-fo.org/submit-a-complaint/
Here is a direct quote from Sovereign Trust Guernsey Limited viewable on the aircrewprotection.org website since 2016:
"INTRODUCTION FROM THE API TRUST
Introduction from the API Trust
August 2016
Dear LIPS members,
My name is Stephen Hare and I represent Sovereign Trust (Guernsey) Limited which acts as the Trustee of the Aircrew Protection International (API) Trust in Guernsey, UK.
As you may be aware, in May of 2015 the Emirates Pilot’s Loss of Income Protection Scheme (LIPS) was rebranded as Aircrew Protection International. Over the past year the API leadership has been instrumental in making your loss of license plan and the fund, where you have been making your contributions, more secure and an important part of that effort was the establishment of the API Trust.
Before I go further, let me explain what a trust is. A trust is a legal relationship whereby property (the fund) is held by one party (the trustee) for the benefit of another (the members, who are all beneficiaries of the Trust). While the trustee is given legal title to the fund, in accepting it
the trustee owes a number of fiduciary duties to the beneficiaries including:
utmost good faith,
impartiality and
acting in the best interests of the beneficiaries. The Trustee is licensed and regulated by the Guernsey (UK) Financial Services Commission.”
end of quote
What is 'Doctrine Of Utmost Good Faith'
The Doctrine Of
Utmost Good Faith, also known as uberrimae fidei,
is the minimum standard requiring transacting parties to act honestly and not mislead or withhold critical information from one another. The doctrine of utmost good faith applies to many everyday financial transactions and is one of the most fundamental doctrines in insurance law.
Squandering notice of entitlement sanctioned beneficiary funds (funds already allocated to disabled pilots) on extortionate legal liability costs cannot be in the best interest of those beneficiaries.
Members pay their premiums monthly and believe this money is kept securely to support them should they lose their medical and their employment is terminated:
No one pays their monthly premium knowing this money is now being used as a legal fund to fight liabilities incurred by the API board and Sovereign Guernsey Limiteds choice to solely (without question) accept and consequently defend opinions made by Harvey Watt & Co contracted doctors at astronomical cost to the fund.