SC, a renowned figure in the world of global distribution for children’s gifts, sought expert planning advice to secure his privacy and protect his assets. Facing increased scrutiny in light of the Panadol Papers (a collective headache of leaked financial records), SC turned to Neba Private Clients for innovative solutions. This case study reveals how we tackled his cross-border challenges, strengthened his asset protection, and ensured the smooth operation of his business, all while honouring his desire for confidentiality.
Our first priority was addressing SC’s key concern: safeguarding the ownership of his distribution sleigh from public records. This was critical for maintaining privacy and avoiding unwelcome visitors or undue attention. Previously held by an offshore entity, the sleigh was restructured into a Private Placement Life Insurance (PPLI) policy. This strategy enhanced privacy, optimised tax efficiency, and ensured a seamless transfer of ownership to future generations. Additionally, outstanding finance on the sleigh was refinanced through an innovative “never, never plan,” offering more favourable terms and enhanced asset protection. Comprehensive insurance was also put in place, covering the sleigh, its valuable cargo, and global travel risks. As a light-hearted aside, SC was reminded that excessive sherry consumption could void the policy, though mince pies were, of course, permitted.
The wellbeing of SC’s workforce, primarily involved in toy production, was another crucial aspect of the review. We designed a robust employee benefits package, including workmen’s compensation, medical insurance, and a tailored corporate pension scheme. Recognising the unique nature of SC’s operations, pension contributions for employees were scheduled year-round, while SC’s own contributions aligned with his single day of active service.
A creative solution was applied to the propulsion system of SC’s sleigh—his team of reindeer. By classifying them under a “pets” category, we secured a comprehensive Vet Cover Plan. Special consideration was given to one reindeer’s pre-existing condition, a red nose, ensuring transparency to prevent any policy complications.
While most challenges were addressed, one area remained outside the scope of our solutions: SC’s interest in behavioural profiling of young gift recipients. His request to implement a Know Your Young Children (KYC) framework and manage behavioural sanctions proved impractical. We trust his clients will continue to submit their Letters of Wishes and adhere to principles of Generally Always Acting Responsibly (GAAR).
TEAM plc (LON:TEAM) is building a new wealth, asset management and complementary financial services group. With a focus on the UK, Crown Dependencies and International Finance Centres, the strategy is to build local businesses of scale around TEAM’s core skill of providing investment management services.
