Radio

Serious Fraud Office denies dropping its inquiry into Robert Tchenguiz

Posted 03/10/2012 - 20:36 by anrigaut

2012-09-15 23

The Serious Fraud Office has denied that it is poised to abandon its investigation into Robert Tchenguiz, despite releasing the property magnate from his bail conditions late last week.

The SFO insisted on Sunday that the case remains live and ongoing, and dismissed as "speculation" reports that it would soon drop the whole inquiry. It also confirmed that it is not renewing bail conditions for Tchenguiz or the two other remaining suspects in its three-year investigation into the collapse of the Icelandic bank Kaupthing. ...

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Watchdog (IOM FSC) demands investment sales review

Posted 06/02/2012 - 10:05 by anrigaut

2012-02-03 (All day)

Seems the FSC can act - when it suits them :

"An independent review of the Isle of Man Bank's investment selling practices has been ordered by the Financial Supervision Commission.

Specifically it will look at all sales since January 1, 2008 to people over the age of 70.

It follows an FSC probe into a case involving an 80-year-old with terminal throat cancer, Norman Hensher, who was sold a £500,000 Aviva pension by the bank, which he had no hope of paying back.
...

The FSC has ruled the bank's internal procedures were not followed in full during the advice and sign-off stages of the investment. ...

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Bell says Island needs to keep building relationship with UK

Posted 01/02/2012 - 09:58 by anrigaut

2012-01-31 (All day)

The Chief Minister says he supports the UK's drive to stamp out tax evasion. .

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John Aspden "Concern over KSF's 'exposure' to parent bank"

2009-10-29 (All day)

I'm glad Aspden mind was put to rest by the FSA letter - is this letter in the public domain?

The Isle of Man's most senior financial regulator, John Aspden, has become the first person to give evidence to the Tynwald Select Committee which is looking into the collapse of Kaupthing, Singer and Friedlander.

Mr Aspden, who is chief executive of the Financial Supervision Commission, spoke of his concerns over KSF Isle of Man's exposure to the Icelandic 'parent' bank.

He said it was a fact of life that banks in the Isle of Man were subsidiaries of larger insitutions elsewhere, and deposits were sent 'upstream'.

Mr Aspden also said a letter from his counterparts in London in May 2008, five months before the collapse of Kaupthing in the Isle of Man, had put his mind at rest.

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KSF affair highlights worrying flaw - MHK

2009-07-08 23

North Douglas MHK Bill Henderson
An MHK is vowing to do all he can to support a depositor with Kaupthing Singer and Friedlander, who stands to lose a majority of his life savings.
North Douglas member Bill Henderson says his constituent Ian Torbert has worked hard to put money aside for his retirement and has been left devastated by the bank's collapse.
Mr Torbet presented a petition for redress of grievance on Tynwald Day calling on the Island to use every means possible to negotiate a solution which would refund all KSF Isle of Man depositors.
Mr Henderson has assured Mr Torbet he will take the petition forward, as he believes the Manx government should be bargaining more robustly with the United Kingdom.
He says, to date, no regard has been shown for the money which was secured over here, and it highlights a worrying flaw in the relationship between the Island and the United Kingdom:

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Government (IOM) takes advice on recovering Kaupthing losses

Posted 01/07/2009 - 08:32 by anrigaut

2009-06-30 23

Government takes advice on recovering Kaupthing losses
Published online at 01/07/2009 04:12:27

Legal advice has been taken over whether financial losses incurred as a result of the crash of Kaupthing bank could be recovered.
In a written question in the House of Keys, Rushen MHK Juan Watterson asked about the possibility of recovering any or all of the money lost by the Isle of Man Treasury, depositors with the bank and holders of banking licences in the Island.
Mr Watterson suggested action could be taken against Her Majesty's Treasury, the United Kingdom's Financial Services Authority or the Icelandic financial services regulator.
In his reply, Treasury Minister Allan Bell says advice has been taken from the Attorney General and from what he calls 'specialist Queen's Counsel', but no action is being taken on the matter of legal challenge.
He adds the legal position is kept under periodic review.

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KSF winding-up order granted

Posted 28/05/2009 - 02:09 by Hoping and coping

2009-05-26 16

Kaupthing Singer and Friedlander has been placed into liquidation.

At a court hearing today, Deputy Deemster Corlett considered the company's winding up order, following last week's rejection of the Manx government’s Scheme of Arrangement.

[Continued]

He granted the winding up petition presented by Kaupthing Singer and Friedlander and the FSC, and adjourned the case until June 23, when the issue of costs will be discussed.

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Discussions re KSF IOM Demonstration /Court Hearing 9TH April 2009

Posted 09/04/2009 - 06:33 by Anonymous

2009-04-08 23

Just to let everyone know BBC Radio Solent are doing a Follow Up This Morning On the Julian Clegg Radio Breakfast Show about KSF IOM and the Hearing and Demonstration and gerneral Discussion Re DCS & SOA etc..

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Depositors accused of 'Scandals and corruption' letter threat to Bishop

Posted 10/03/2009 - 17:01 by Norm

2009-03-10 (All day)
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Bell's comments onJob Losses in the Island's banking sector

2009-03-05 (All day)

How long before this and greater numbers are being presented as "within limits"...

Treasury Minister Allan Bell says job losses in the Royal Bank of Scotland International Group in the Isle of Man were inevitable, given the parent bank's record losses of over £20 billion.

Yesterday, chief executive Ian Henderson confirmed a proportion of 68 positions across RBSI, Isle of Man Bank and NatWest would be shed, although he hoped most if not all the redundancies would be voluntary.

Mr Bell is playing down the impact the losses will have on the Island, telling Manx Radio:

This could have been a whole lot worse, and we need to remember the unemployment rate in the Island is still only 2.2%."We have got to keep things in proportion.

"It's disappointing, we will lose a few jobs, but bearing in mind we still only have 2.2% unemployed, and some of the banks are still hiring specialist staff, it could have been very much worse, and we need to keep it in the context of that at the moment."

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