 Jon Johnson JPL & Deloittes |
 Marcin Czarnocki JPL & Deloittes |
 Henry Tucker JPL's Lawyer, Harneys |
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On 3 Novermber 2023 the BMA petitioned the court to appont JPL's to restructure Custodian Life, and the Supreme Court appointed John Johnson and Edward Wilmott, of Deloittes, on 24 Novermber 2023. The BMA alleged several serious breaches of the Insurance Act 1978, and set out directions to the company.
On 8 January Joakim Samuelsson met with JPL Edward Wilmott and Marcin Czarnocki of Deloittes. Within 2 months, CL had provided the JPL's with a full report of BMA's capricious actions, including a transcript of their internal discussions where they claimed CL was financially sound. CL's lawyer at Carey Olsen wrote to ex-partner Henry Tuckert, now at Harneys, reminding him that the JPL's actions should be adjurned until an Appeal Tribunal was held.
Despite the JPL appointment for provisional liquidation for the purposes of re-structuring, the narrative quickly changed to discussions of winding up CL.
The relationship between the JPL's and Joakim Samuelsson has become adversarial since early 2024, since the JPL's seem clearly aligned with the BMA and continue to act against CL's policyholder interests. The extensive billing (see below) fais to reflect the original mandate of re-structuting CL with a view to re-location to a more suitable jurisdiction where insurance investment assets are regulated with better financial market understanding.
In November 2024, sadly, court-appointed JPL Edward Wilmott passed away. Whilst CL were aware of this, the fact that the active JPL had died was withheld from CL's policyholders and IFA's for almost 2 months, continuing to leave CL and its business in limbo.
Under section 10 of the Insurance Appeal Tribunal Regulations, 2011, CL had the right to be heard at an appeal tribunal, which had been lodged with the BMA in July 2023. The JPL's refused to pursue this appeal process, a statutory right of CL.
On October 22, 2024, Jasmine Chee of Deloittes sent a public email to almost 300 clients of CL, all copied to each other, including a direct competitor. With many clients, IFA's based in the European Union, this was a direct breach of EU GDPR regulations. Many clients complained, since their confidentiality was openly breached, and of course CL's confidential clent base - an intangible asset, was destroyed with one email.
Ms Chee/Deloittes should be subject to fines and sanctions, under EU GDPR law, but complaints from CL and client policyholders and IFA's have been ignored. Once again, Deloittes/JPL#s actions further harmed CL's business, in this value-destroying breach of client confidentiality.
In November 2017, Henry Tucker joined Carey Olsen as Consultant/Counsel/Partner (Bermuda & HK), working in Restructuring & Insolvency. Kyle Masters
joined Carey Olsen and was based alongside Henry Tucker in Hong Kong, working in Restructuring & Insolvency, 2019-2020.
Kyle Masters of Carey Olsen was legal counsel to Custodian Life in dealings with the BMA. His managing partner Henry Tucker resigned from Carey Olsen in November 2023, weeks before the BMA petition was held in the Supreme Court. The JPL's immediately appointed Henry Tucker as their legal counsel, ignoring the blatant conflicts of interest and his inside knowledge of CL.
The semi-annual billings are paid from the accounts of Custodian Life - it is unclear whether these bil lpayments are funded from CL's assets or from client assets, despite the Segregated Accounts Compa ies Act 2000 protecting client monies.