The Swedish District Court in Gothenburg ruled on 29 August 2025 against Custodian Life liquidators Czarnocki and Johnson, of Deloittes Bermuda, not only revoking an earlier ex parte motions filed by them, but also ordering them to provide security against the substantial costs incurred to date by Custodian Life’s shareholders
The actions of the liquidators intended to size data from a 3rd party company, not under their liquidation, and in contravention of EU GDPR laws re protecting client confidential data. This flawed legal strategy was more successful in Bermuda, where former CEO Joakim Samuelsson was deemed in “contempt of court” for not providing client data he was not allowed to by EU law (legally impossible for him to comply with..). It seems Bermuda, who only enacted a privacy law in January of 2025, are happy to defy international law and rule only based on island interests.
In compounding the farcical contempt of court ruling against Samuelsson, brought by the liquidators, they themselves have breached Bermuda and EU GDPR laws by broadcasting emails twice to Custodian Life’s client database, including some competitors, totally undermining client confidentiality. One law for Bermuda Inc. and friends, a different law for international counterparties…
All parties head to the Supreme Court on October 3rd., where the BMA seeks to place Custodian Life into full liquidation, ie bury its mistake. The provisional liquidates also support this petition, thus
covering up the US$ 4.7 million in fees they and their lawyers have billed for the company thus far (which likely indicates client investment monies are being tapped into!) Surprisingly, the lawyer
for the policyholder committee also supports the BMA’s petition for full liquidation, yet such liquidation would result in a massive haircut on policyholders investments, and take years, so this
lawyer’s intentions seem questionable.
