Depositors

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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Iceland’s bank creditors frustrated after lack of dialogue

Posted 27/09/2013 - 09:07 by anrigaut

2013-09-25 23

Creditors in Iceland’s failed banks are becoming increasingly frustrated at the unwillingness of the government in Reykjavik to negotiate, five years after the collapse of the country’s financial system. ...

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Conspiracy of Kaupthing Chairman

Posted 19/03/2013 - 22:13 by penzance30

2013-03-18 23
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Latest from Iceland

Posted 24/09/2012 - 12:57 by Tricky Dicky

2012-09-20 22

As disclosed at Kaupthing’s Creditors’ Meeting on 31 May 2012, Kaupthing has been working in close consultation with the Informal Creditors’ Committee and their respective advisers on a potential composition proposal. Whilst good progress has been made, a number of outstanding matters, including some that are not within the Winding-up Committee’s control, are still being resolved and it will not be possible to launch a composition proposal in the third quarter of 2012, as previously targeted. Kaupthing is currently working with its advisers and the Informal Creditors’ Committee towards a launch in the fourth quarter of 2012, assuming satisfactory resolution of the outstanding issues and no new issues arising.

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Justice??? Former Landsbanki Director Sentenced to Prison

Posted 27/06/2012 - 06:07 by glen07

2012-06-26 14

26.06.2012 | 00:15

Former Landsbanki Director Sentenced to Prison

Haukur Þór Haraldsson, former managing director of Landsbanki’s operational division, was sentenced to 18 months imprisonment for embezzlement by the Reykjavík District Court on Monday, visir.is reports.

It was the third time that the case was heard by the court. Haukur Þór had earlier been acquitted of the charges and then later sentenced to two years in prison.

According to visir.is, Haukur Þór was charged with having transferred ISK 118 million (USD 935,000; EUR 750,000) from Landsbanki’s subsidiary, NBI Holdings Ltd., to his own account following the banking collapse in October 2008.

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Icelandic bank savers expect to get nearly all their money back

Posted 12/11/2011 - 08:06 by tonycBrisbaneOz

2011-11-08 14

MONEY which councils invested in Icelandic banks which then collapsed during the credit crunch is pouring back into authority coffers.

And individual savers who saw millions of pounds frozen by Iceland's financial collapse are also seeing far higher returns than had been feared.

Yesterday, a ruling in the country's supreme court led to East Staffordshire Borough Council announcing that it expected to get back "almost all" of the money it invested in Landsbanki.

Amber Valley Borough Council revealed it had already received 73% of the £1 million it had invested in Kaupthing.

And investors whose accounts were passed from a Derbyshire Building Society subsidiary to an offshore Icelandic bank before its collapse reported they would get much more cash back than expected.

Savers with Derbyshire Offshore were left out of pocket after the building society passed on their accounts to Icelandic bank Kaupthing, Singer and Friedlander (KSF) Isle Of Man.

Among those left panicking by the crash were Leonard and Kathleen Orton, now aged 79 and 84, of Alresford, Hampshire, who feared they would lose £190,000 of their £290,000 investment.

But Mr Orton said the future was now looking brighter. He said: "We are expecting to have had 80% back by the end of this month and 90% by 2014.

"Obviously we would prefer to get 100% with interest but you can't help but feel pleased."

Yesterday's Icelandic Supreme Court ruling means that Landsbanki, another of the collapsed banks, will give priority to UK investors when it hands back people their cash.

One of those was East Staffordshire Borough Council, which was due to see its investments mature in 2009.

Chief executive Andy O'Brien said: "This judgement means that UK authorities' claims have been recognised as deposits with priority status over other creditors' claims.

"We anticipate that our investments will be paid back first and we should recover almost all of the money we deposited with Landsbanki."

The authority also had £2million invested in Kaupthing, Singer and Fried- lander and says more than half of this has been recovered.

A spokesman for Amber Valley Borough Council said 73% of the £1 million it had invested in KSF had already been returned and that it was due to get 84%.

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Icelandic depositors in Guernsey, IoM ‘disappointed’ by latest ruling

Posted 01/11/2011 - 09:12 by anrigaut

2011-11-01 (All day)

Spokesmen for depositors who lost money in the collapse of Guernsey’s Landsbanki branch and the Isle of Man’s Kaupthing Singer & Friedlander subsidiary expressed disappointment at a decision on Friday by an Icelandic court, which will ensure some other losers in the collapse of Iceland’s major banks will get back most of their money – but they, once again, will not. ...

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Iceland Passes Last Hurdle in $11.4 Billion Depositor Payout

Posted 31/10/2011 - 18:35 by anrigaut

2011-10-31 (All day)

Iceland will start paying out as much as $11.4 billion in foreign depositor claims after the country’s top court upheld an emergency law that leaves bank bondholders in the lurch and protects ordinary account holders. ...

Comment posted by anrigaut:

"leaves bank bondholders in the lurch and protects ordinary account holders." It also leaves in the lurch the ordinary account holders with Kaupthing's Isle of Man subsidiary Kaupthing Singer & Friedlander (IoM) who, 3 years after the collapse of their bank, have so far recovered 73.6% of their deposits and were counting on the parental guarantee given by Kaupthing (Iceland), and recently upheld by the Icelandic Supreme Court, to cover the eventual shortfall in their bank's ongoing liquidation. But as the claim under this guarantee does not, it seems, benefit from the priority status accorded by the emergency law to depositors, the present ruling will push them to the back of the queue along with other unsecured creditors and reduce the value of their claim. These depositors have been helped nowhere - not in the Isle of Man, not in the UK (supposed to represent the IoM in negotiations with Iceland), and not, now, in Iceland.They remain the only retail depositors in Kaupthing not to have been fully compensated by government intervention, despite acknowledged regulatory and governmental failures in dealing with the bank’s insolvency

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UK fights bondholders to retain 'priority' status over £5bn Iceland cash

2011-09-07 07

UK fights bondholders to retain 'priority' status over £5bn Iceland cash
British councils and the UK bank bail-out fund will defend their right to get back the entire £5bn they lost in the Icelandic banking crash against a group of hedge funds and other creditors who claim they should get a share of the money. Bondholders owed $4bn (£2.5bn), including hedge funds Arrowgrass, GLG and Varde, are challenging the "priority" status awarded to the local councils and the bail-out scheme by one of the banks, Landsbanki, in a test case due to start on Thursday in the Supreme Court of Iceland. (Continues)

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