Guernsey’s government has said it is closely monitoring the outcome of the legal dispute between Sovereign Trust and the group of pilots suing the global services provider for more than $25m.
A recent ruling found a corporate trustee that is part of the Gibraltar-based Sovereign Group has been found guilty of gross negligence and wilful misconduct over its handling of a fund set up to provide income protection for pilots who had lost their Class I Medical Certificate and were no longer able to fly.
The group of 25 pilots were previously based in Dubai, where the Aircrew Protection International Trust started as a loss of income protection scheme in 2015. It was subsequently formalised as the API Trust in Guernsey in April of that year.
The Sovereign Group (Guernsey) is responsible for the government approved Your Island Pension scheme.
A two-week hearing was held last October and a summary of the outcome was read in court last month but the final judgment has not yet been delivered and published.
Tina Bury, president of the Committee for Employment & Social Security, said:"Sovereign Trust (Guernsey), part of the wider Sovereign Group, was appointed some years ago to lead the Your Island Pension Scheme which was established at the direction of the States to ensure all islanders have access to a pension through work.
“The Committee has been made aware of the court action, which is now nearing its conclusion; and while it would be inappropriate to comment on any implications at this stage, I can confirm we will be considering the final judgment in detail."
