An open letter of appeal to the founder and chairman of the sovereign group
AN OPEN LETTER OF APPEAL TO THE FOUNDER AND CHAIRMAN OF THE SOVEREIGN GROUP
Dear Chairman
I write as one of forty beneficiaries of the Aircrew Protection International Trust Guernsey Limited. ALL beneficiaries are airline pilots who have lost our Class 1 medical certificates ( flying careers) and ALL beneficiaries are in possession of the Notice Of Entitlement issued by the Trust Manager of Aircrew Protection International Sovereign Trust Guernsey Limited.
On June 22 beneficiaries of the Trust received the following communication by e mail from the manager of the Aircrew Protection International Sovereign Trust Guernsey Limited.
The e mail notified beneficiaries that June 2019 contributions from members were being returned and no further contributions would be accepted.
The decision which it must have been obvious would recklessly accelerate the depletion of the Trust Fund had been made unilaterally by the management company of Aircrew Protection International and sanctioned by The manager of the Aircrew Protection International Sovereign Trust Guernsey Limited without first consulting the beneficiaries and contributing members of the API Sovereign Trust Guernsey Limited.
The status Quo
The beneficiaries both group and individual have commenced legal proceedings against The Sovereign Group through the Royal Court of Guernsey based on:
.The failure to honor the fiduciary duty of care owed by the manager of the API Sovereign Trust Guernsey Limited to beneficiaries is a great injustice that will result in life changing financial loss and hardship to disabled pilots in possession of the notice of entitlement from the trust.
. Failure to provide members and beneficiaries with fully audited Aircrew Protection International Trust Guernsey Limited annual financial reports since 2017.
.Failure to provide a copy of the Aircrew Protection International management company’s service agreement setting out the responsibilities to the API Sovereign Trust as required to on demand under section 11.3 of the Declaration of Trust.
.The setting up and continued existence of the Aircrew Protection International Limited British Virgin Islands incorporated by Sovereign Holdings BVI Limited as agent has also become a focus of legal enquiry . Answers are being sought under summons if required as to who owns the BVI company and complete records of monetary transactions since its incorporation have been requested. So far counsel for the API Sovereign Trust Guernsey Limited have refused to disclose the information requested.
.It has come to beneficiaries attention that whilst the e mail beneficiaries received on June 22nd declaring June members contributions would be returned and future contributions refused , the management company of aircrew protection international who instruct the manager of the API Sovereign Trust Guernsey Limited uninterruptedly continue to receive monthly contributions from 1300 aircrew protection international members who it would appear are completely unaware of events referred to above. Prima facie the Aircrew Protection International management company has attempted to avoid the liability it owes to the beneficiaries and set up stall using the contributions of 1300 Aircrew Protection International members by diverting contributions away from and thereby recklessly and knowingly destroying the Aircrew Protection International Sovereign Trust Guernsey Limited Fund.
Whilst the beneficiaries would seek to resolve this issue without resort to the Courts, initial engagement and exchange of counsel acting on behalf of API Sovereign Trust Guernsey Limited are withholding requested documents and in some cases ignoring legal letters from beneficiary counsel.
Of the 40 beneficiaries some are living with potentially life threatening disability,one suffered a loss of limb: some have young families to support. All beneficiaries have lost their only source of professional income.
All beneficiaries trusted Sovereign to manage,grow and keep safe their benefits.
We the beneficiaries appeal to you Founder and Chairman of The Sovereign Group to help us.
( beneficiaries note: a hard copy of this letter is being sent by FEDEX to The Founder and Chairman of THE SOVEREIGN GROUP)
Last edited by Bogelbogelbogel; 11th Aug 2019 at 20:00.
Reason: Additional information