For over 3 months, the 2,000+ policyholders of Bermuda-based Custodian Life, now being wound up by liquidators from Deloittes, have been kept in the dark re their own investments.
Some US$ 250 million of investment assets have been taken off-line, due to the Deloitte’s appointees not making contractual payments for the database access for over a year, whilst ensuring their own elevated billing is secured.
This negligent and reckless performance of statutory duty, or effective destruction of company property, is a crime under Bermuda’s Criminal Code Act 1907 and the Computer Misuse Act 2024 (section 5).
One financial advisor, Teresa Evans, representing over 200 clients and several million of investments, is furious with how her business and her client’s life savings and retirement funds are now concealed from any updates as to accrued coupons and investment performance.
Her firm, Yachting Financial Solutions, based in Ireland, is subject to EU General Data Protection Regulation, yet the Bermuda liquidators act outside this law, clearly with no regard for her clients’ financial
well-being. Such harm has placed a huge stress on her long-standing business and on her clients’ ability to live with the expected financial security they worked hard to achieve. She has demanded re-instatement of her client investment database, with immediate effect.
The Deloittes liquidators have already paid court costs of SEK 710,000 to the Swedish company managing the client database in a recent failed legal action, in Sweden, and have breached EU GDPR law twice in the last year with careless emails that undermined Custodian Life’s client confidentiality.
Continued policyholder calls for a government enquiry into the BMA and liquidator actions remain ignored, despite Minister of Finance David Burt also being Bermuda’s Premier. Bermuda’s reputation as
financial centre seems to be on the same declining path as the value of 2,000 policyholder’s life savings.
