£557 million with KSF UK

  • two time loser
  • 10/10/08 21/06/09
  • a depositor
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Posted: Sat, 25/10/2008 - 15:33

The FT states that £557 million out of KSF IOM's total deposits of £821 million are with KSF UK.

What is the satus of this money? It represents roughly 67p in the £ of every deposit in KSF IOM so it's vital.

If it has been sent from IOM to UK then surely it either belongs to IOM and must be returned or it is a debt due to IOM ranking ahead of UK creditors i.e., all the UK depositors. The question is what are the terms, what security has been provided etc., One assumes that the directors of KSF IOM were not negligent in just sendng money out to a sister corporation without adequate security and safeguards.

Wouldn't it be comforting if we could be told by the Liquidator Provisonal what the situation is so we know the status of such a vital part of the KSF IOM's assets.

Can we highlight this issue to the media or put pressure on the Liquidator Provisonal or others to explain the position?

Any suggestions anyone?

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  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
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  • Sat, 25/10/2008 - 15:51

This is my brief assessment of the current situation:
Your questions have been discussed over & over again on this site,during the last week.We have been highlighting this issue for days now and the issue has now appeared in the press and on Ch4. The liquidator provisional has stated that the sealed court orders prevent him from accessing the information he needs in order to be able to answer your question.

Pesonally I m hopful that something will come out of the ongoing meetings between IOM govt,FSC and UK treasury.

Why would it be different from any other funds?

  • dawes
  • 24/10/08 31/05/09
  • unspecified
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  • Sat, 25/10/2008 - 17:43

Krupthing assets have been seized, you cannot separate individual subsidiaries and individual accounts. If the money is in London, then that is where it will stay, to pay off the creditors.