The business at the centre of a legal challenge brought by a number of former pilots who say the firm mismanaged their money has said it “strongly denies the allegations” and will defend itself in court.
The case between the pilots and Sovereign Trust (Guernsey) Limited is due to be heard by the Royal Court next week.
The former airline pilots, all previously based in Dubai, have lodged papers alleging a breach of duty, gross negligence, wilful neglect, and a failure to manage assets with prudence and care against Sovereign.
It’s understood that many of the group suffer from serious, life-limiting conditions, and Express was told that three plaintiffs have died since work started on the case.
The lawsuit revolves around the pilots’ financial investments in a Loss of Income Protection Scheme which was inherited by Sovereign Trust (Guernsey) Limited.
The applicants’ case is that Sovereign had ignored advice around managing the fund, expanded liabilities, and left contributions unchanged, undermining the Trust’s sustainability.
A spokesperson for Sovereign Trust (Guernsey) Limited denied the allegations.
“Unfortunately, we are not able to comment on this matter, at this stage, besides to say the allegations are strongly denied and are being defended,” they said.
The case will be heard by Guernsey’s Royal Court commencing 30 September.