Supermodel wins appeal fight

Posted 06/08/2012 - 19:49 by anrigaut

2012-08-05 23

"Supermodel Elle Macpherson has won the right to appeal against a Manx judgement over Kaupthing singer and Friedlander. ..."

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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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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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Booker shares held by KSF

Posted 28/05/2009 - 19:39 by jr

2009-05-27 23

A British cash and carry says it's to talk to the provisional liquidators of Kaupthing Singer and Friedlander over a fifth of its shareholding.

Twenty-two per cent of Booker Group was owned by Kaupthing Capital Partners and is now being held by PricewaterhouseCoopers on behalf of KSF.

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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.


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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Helplines open for depositors

Posted 15/04/2009 - 17:34 by IceCrusher

2009-04-14 23

Helplines open for depositors
Published online at 14/04/2009 15:47:50

Helplines are now available providing information on the Manx government's Scheme of Arrangement for depositors in the collapsed bank Kaupthing Singer and Friedlander.

You can contact provisional liquidator PricewaterhouseCoopers by phoning 01624 699 340 between 9am and 5pm from Monday to Friday. Alternatively, you can fax 01624 699 200.

The government estimates its scheme would fully refund more than 70% of depositors within two years.

It's an alternative to liquidation and there is £180 million pounds in place to support it.

If the Scheme of Arrangement is approved by depositors on May 19, the High Court will be asked to sanction it on May 27.

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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 admits no bank in the IoM has signed up to fund the SoA

Posted 24/02/2009 - 17:38 by IceCrusher

2009-02-24 (All day)

Treasury Minister Allan Bell says no banks in the Island have yet signed up to the government’s plans to compensate Kaupthing Singer and Friedlander depositors.

This morning (Tuesday), Mr Bell faced questions in the House of Keys on the proposed Scheme of Arrangement from Michael MHK David Cannan.

Mr Bell said negotiations are still ongoing to finalise the plan, which will be considered by a court hearing in April.

He told MHKs the scheme would need the approval of all Manx-licensed banks.

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