Isle of Man

Bank crash victims get back all their cash - and more

Posted 28/06/2017 - 14:05 by anrigaut

2017-06-27 23

Depositors in the island-branch of collapsed Icelandic bank Kaupthing Singer and Friedlander have not only got their money back in full - they are to receive interest on top too. .....

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DCS IOM are they all Idiots?

Posted 16/12/2015 - 05:32 by calpespain

2015-12-15 14

Any suggestion gladly welcomed. I am having some trouble with the IOM DCS managers, they keep writing to me and my wife via snail mail, over land and water, saying they have sent out a cheque via registered post and it has been returned. They follow this by saying that they have also attempted to contact me via my registered email address, but cannot do so, would I please contact them. I have done this via email and they have acknowledged this and my banking details, yet still the write and say” Please accept our apologies for the distress you are experiencing in the delay in receiving your outstanding payments. Please be assured we are expediting the authorisation as quickly as possible however the timing of this is outside our control. As mentioned in my earlier email I will contact you again as soon as the payments have been delivered to our bank for processing.” Yet they are still sending me even more land mail and still no payment of the outstanding amount due since December 2014. Are they all simply idiots?

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Proposal to improve protection for vulnerable depositors in the event of a local bank insolvency

2015-09-13 23

The Department of Economic Development is consulting on a proposal to change the order in which recovered money is repaid in the event of a local bank becoming insolvent.

The move would give ‘preferred creditor’ status to eligible deposits as defined and covered by the Island’s Depositors’ Compensation Scheme (DCS), ranking them ahead of other creditors in the liquidation process.

This change would mean that vulnerable depositors and, if claim was made to the DCS, the public purse would be reimbursed earlier. For example, when Kaupthing Singer & Friedlander failed, the DCS pay-outs were funded initially by the Government, these would have been repaid earlier (reducing the financing costs) if preferred creditor status was in place.

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Supreme Court rules in al Thani case: imprisonment confirmed

Posted 12/02/2015 - 17:39 by anrigaut

2015-02-12 (All day)

“The results today that it is possible to bring complicated financial cases to court and get conviction,” Ólafur Hauksson head of Office of the Special Prosecutor said to Icelog, now that the Supreme Court has ruled in one of the OSP’s major cases, the al Thani case. “Building up the expertise has been a long process but the ruling today demonstrates that setting up an office, which didn’t not exist earlier, was fully justified. No society can tolerate that certain parts of it are beyond law and justice.”

Those four charged were Sigurður Einarsson chairman of Kaupthing board, Magnús Guðmundsson manager of Kaupthing Luxembourg, Kaupthing CEO Hreiðar Már Sigurðsson and Ólafur Ólafsson the bank’s second largest shareholder. Reykjavík District Court had earlier ruled in the case where Einarsson was sentenced to 5 years in prison, Guðmundsson 3 years, Sigurðsson 5 1/2 years and Ólafsson 4 1/2 years. The Supreme Court has confirmed the ruling over Sigurðsson whereas Ólafsson has now been sentenced to 4 1/2 years, Einarsson to 4 years instead of 5 years and Guðmundsson to 4 years.

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Louis Group: ‘A taint of illegality’

Posted 15/08/2014 - 16:41 by anrigaut

2014-08-13 23

There is a ‘taint of illegality’ across the vast majority of the business carried out by the Louis Group in the Isle of Man.

That’s the damning conclusion of a liquidators’ investigation into the collapsed group which was wound up by the High Court last year, its island-based fund, promoted as ‘low risk’ having earlier been suspended, unable to pay its multi-million pounds debts. ...

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Elle Macpherson drops case against Isle of Man Courts

Posted 08/07/2014 - 22:00 by anrigaut

2014-07-07 23

Supermodel and businesswoman Elle Macpherson has dropped her case against the Manx courts.
50 year-old Ms Macpherson was ordered to pay £8 million to the liquidators of Kaupthing Bank - despite her holding deposits of £2.5 million.

In 2012, it was reported in UK news that the UK Privy Council gave the supermodel a chance to appeal against the decision.

Macpherson and Lighthouse Living Ltd. then obtained permission to appeal to the Judicial Committee of the Privy Council - which is no longer being progressed.

We spoke to her PA, who told us her team are unavailable for comment.

Update: More details here:

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Permanent Bank has new MD in the Isle of Man

2014-05-15 23

"Permanent Bank International (PBI) has appointed Aidan Doherty to the role of managing director of its Isle of Man business. "

You couldn't make it up, could you? Mr Doherty is no doubt hoping this bank will turn out to be rather more "Permanent" than his last one. For any reader in doubt, Aidan Doherty was the MD of Kaupthing, Singer & Friedlander when it collapsed in 2008 (a fact somehow overlooked in the press article). Interesting also that comments on the article appear to be "off" - no doubt not without reason!

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UK & Isle of Man agree to combat tax evasion

2013-02-19 (All day)

The government has today agreed action with the Isle of Man to clamp down on those who try to hide their money offshore. This forms an integral part of the government’s offshore anti-evasion strategy which will be published later this year. The package includes an automatic tax information exchange agreement and the setting up of a disclosure facility.

The disclosure facility will allow investors with accounts in the Isle of Man to come forward and settle their past affairs before information on their accounts is automatically shared. ...

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Concern in Keys over £8bn fall in bank deposits

2012-05-03 23

CONCERNS were raised in the House of Keys this week about a sharp fall in corporate bank deposits.

Alfred Cannan (Michael) said there had been an £8 billion decrease in corporate and trust and fiduciary deposits in the final quarter of last year. ...

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Isle of Man must 'prepare for greater transparency'

Posted 22/02/2012 - 21:50 by anrigaut

2012-02-22 (All day)

Offshore financial centres will come under continued international pressure to be more open in their affairs, the Isle of Man treasury minister Eddie Teare warned this week in his annual Budget speech.

He told the Manx Parliament, the Tynwald there was much “ill informed comment “ about “so-called tax havens” but he expected further international initiatives on tax issues which would affect offshore centres. ...

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