Bell pledges action on missing KSF funds

  • sami
  • 10/10/08 31/05/09
  • a depositor
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Posted: Thu, 13/11/2008 - 08:22

Here's bit of news just released by Isle of Man today. IOM do seem to be our best support at the moment.

"GOVERNMENT will take whatever action necessary to clarify what has happened to Kaupthing Singer & Friedlander (IoM) Bank depositors' cash.
And Treasury Minister Allan Bell hasn't ruled out a legal challenge.

In the House of Keys this week, David Cannan (Michael) demanded to know where £550million sent to Kaupthing in London had gone as depositors who made withdrawals from Kaupthing Singer & Friedlander (IoM) days before the demise of KSF in the UK were unable to access their funds.

Mr Bell admitted there was a 'problem with funds in transfer' and said Treasury and the provisional liquidator were working hard to try and find a solution.

Peter Karran (LibVan, Onchan) called for a legal challenge in the UK courts to try and ring fence the money.

Mr Bell said: 'I am sure government, if it's felt appropriate, will take whatever legal action necessary to achieve clarification as to what's happened and achieve the best way forward for the depositors.'"

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in flights

  • rippedoff
  • 12/10/08 31/05/09
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  • Thu, 13/11/2008 - 15:18

Haven't seen that as a title for a few days have we?

Curious statement released by IOM this morning in advance of meeting between Brown/Straw

"Mr Bell admitted there was a 'problem with funds in transfer' and said Treasury and the provisional liquidator were working hard to try and find a solution."

It was my understanding that Mike Simpson has found a "solution" to the funds in transfer (what has hitherto been referred to as in flights). That solution has also been communicated in writing to all involved.

So he must be referring to the 550m held on account in KSFUK.... musn't he?....

By the way anyone got any feedback on the Brown/Straw meeting yet?


Now THAT is a very good point

  • Captain Mainwaring
  • 11/10/08 31/05/09
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  • Fri, 14/11/2008 - 02:50

We can guess that the days before KSF IoM went pear shaped, there was a mini run, in fact we know there was. Would it be reasonable to assume that KSF IoM had started to draw back some of the £550M deposit from the UK?

I wonder if Mr Simpson is trying to get his teeth into an unreceived transfer from KSF UK?


News Item on IOM Today / Bell

  • BustedFlat
  • 20/10/08 31/05/09
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  • Thu, 13/11/2008 - 09:02

i is the 550m lost? are we

  • VeryWorried
  • 10/10/08 31/05/09
  • unspecified
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  • Thu, 13/11/2008 - 18:03

i is the 550m lost? are we are a creditor to Kaupthing IOM, who are a creditor now to Kaupthing UK?