Business Clients of insurer Custodian Life in Bermuda complain to Minister of Finance
In an escalating scandal engulfing the Bermuda Monetary Authority (“BMA”), already being sued by US insurer Newpoint Financial for illegal interference in their international business, Custodian Life’s (“CL”) clients are now contacting the Minister of Finance complaining about the same BMA behaviour. More than 50% of CL’s clients and policyholders have bandied together with the director and owner of CL, based in Sweden, to form a committee and address the hypocritical behaviour of the BMA and it’s appointed re-structurers from Deloittes.
According to sources, Susan Davis-Crockwell, Deputy Director of Enforcement and also be sued personally by Newpoint, shared with her colleagues in August 2022 that CL was financially solvent. At a loss to explain their aggressive interference in CL’s business, they ignored CL’s request for an independent tribunal for almost a year, then appointed Kroll to “investigate” CL.
Their last resort was to the appoint provisional liquidators Deloittes, not to oversee CL whilst it relocated to another country (tired of lack if answers and understanding of their business from the BMA), but these provisional liquidators tore in to CL, charged over $ 1 million for 6 months of sitting on frozen business activity, and put a stop on all underlying business activity of the IFA’s and the policyholders, who have their pensions and retirement savings managed.
Clients demand immediate access to their policyholders assets, for investment management purposes – Deloitte’s persons are not paying IFA’s their management fees, policyholders cannot redeem their policies, and BMA’s agenda seems set on totally destroying CL’s business rather than let it migrate to a more sensible jurisdiction.
The Minister of Finance, also the Prime Minister Rt Hon. David Burt, has been told that any damage to underlying CL client business will be litigated against, with the BMA and once again Davis-Crockwell and colleague Gerald Gakundi are in the legal firing line. The BMA Law 1969 seeks to protect end clients – something Ms Davis Crockwell and Mr Gakundi should read up on..
