Draft Press Release - Please Read and edit/add experiences...need ASAP

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
Posted: Thu, 16/10/2008 - 15:01

A suggestion to co-ordinate our media activities...

DRAFT PRESS RELEASE

Kaupthing Isle of Man (ksfiom) Depositors Action Group - chat.ksfiomdepositors.com

INVESTORS LEFT IN LIMBO BY BRITISH PRIME MINISTER 16 October 2008

While Gordon Brown has been taking centre stage amongst European leaders who have been quick to praise his money management skills, many British citizens have been left in limbo by his actions.

When Kaupthing UK was passed to ING Direct last week it seems little if no thought was given to the consequences for savers with Kaupthing Singer & Friedlander in the Isle of Man (KSFIOM). The diplomatic breakdown between Iceland and the UK has left thousands of normal, hard-working people with no idea of what if any of their money will be returned.

[insert case studies of savers who have lost money]

[two or three powerful new examples]

Many expats have no alternative but to bank offshore and most British citizens investing in this way have secured their money through hard work, inheritance or entrepreneurial endeavours that have created UK jobs and contributed huge sums in UK taxes. They were not seeking to avoid tax just security for their money.

Those caught up in this crisis include British residents, expats, British investors via insurance company bonds as well as foreign nationals who believed the cast iron guarantee held in the IOM from the parent company bank in Iceland. These people were not stupid. This was not a high risk equity fund but classified as a low risk investment with a guaranteed return. They trusted the UK and Icelandic governments and never believed their money and their whole lives could be disregarded by higher authorities so savagely.

If the UK government want to behave in this way they must stop saying that 'all British savers are protected'. This is not true. The only option is to include KSFIOM in the British Prime Minister's blanket promise of recompense and security. Or does the UK government want the financial centre on the IOM to fail?

------------------------------------------------------ends-----------------------------------------------------------------

For more information: chat.ksfiomdepositors.com or call

PLEASE CHECK FOR ACCURACY, ADD COMMENTS, CASE STUDIES AND CONTACT DETAILS. DOES THIS CONFLICT IN ANY WAY WITH THE MESSAGE FOR THE TEAM ON IOM? IS THERE A WAY THIS CAN BE SENT OUT FROM THE CENTRE TO ALL MEDIA (AND MPs) BY 3PM TODAY TO GET DEADLINES? I CAN'T DO THAT FROM HERE. THEN TOMORROW WE CAN FIND ANOTHER TOPICAL ANGLE TO BOMBARD THEM AGAIN.

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Excellent

  • jjw
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 15:31

Hey everyone, this press release looks excellent. I would like to say a big thanks to everyone involved - this should give HMG the kick up the a*se that it deserves!


Hopefully last & final draft....

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 14:45

Press Release - Friday 17 October 2008

DEVASTATED DEPOSITORS TO PETITION PM

The British savers left in limbo by GORDON BROWN 17 October 2008

The KSFIOM Depositors Action Group will be presenting a petition to the UK government, the Isle of Man Government and the Icelandic Government on Monday 20 October 2008 to highlight the situation being faced by thousands of savers.

While Gordon Brown has been taking centre stage amongst European leaders who have been quick to praise his decisive actions to shore up the UK economy and protect the interests of British savers, many British citizens have been left in limbo by his actions.

Under UK government direction, the assets of Kaupthing Edge UK (KE UK) were transferred to ING Direct last week, to the doubtless relief of its UK-based depositors, without any regard given to the devastating consequences this action would have on savers with Kaupthing Singer & Friedlander in the Isle of Man (KSFIOM). The diplomatic showdown between Iceland and the UK resulted in some 60% of KSFIOM’s funds being frozen in the UK leaving thousands of regular working people with no idea whether their savings will ever be returned to them.

In the meantime, the 3,000 savers of Kaupthing Singer & Friedlander in the UK (KSF UK) not included within KE UK are being sent the paperwork to claim 100% compensation on their deposits.

Here are some stories of the less fortunate:
Ruth Burridge worked seven days a week for more than 20 years running a seaside pub to put aside the cash in a Derbyshire Building Society offshore deposit account. The 87-year-old widow, who stands to lose her entire £600,000 life savings because of KSFIOM's present situation, is likely to spend the rest of her days in a care home.
Her nest-egg could virtually disappear because the Derbyshire’s offshore accounts were taken over last November by KSFIOM. She said: ‘I can’t believe this is happening. I’ve worked hard all my life and never asked anyone for a penny. I put my money in a building society I thought was safe.’

Angela – who did not want to give her second name – is originally from Essex. She left school at 17 and worked hard holding down several jobs and renovating flats in her spare time. Eventually selling everything, she moved to Los Angeles to fulfill her dream of studying drama. “Stupidly enough I put absolutely every penny I had in the world into KSIOM, I don't have any other source of income. We are weeks away from being declared bankrupt and losing our home, I am numb and shaking. At a time when I should be doing everything in my power to be proactive I am totally disabled by fear”.

A Pashtoon, who declined to give his name, served with the British Army in Afghanistan and lost his arm and sustained shrapnel damage from a land mine in Paktia province in June 2006. He was medically discharged and given a lump sum payment (fully taxed), and pension. This £68k was deposited in the Derbyshire BS (IOM) which became part of KSFIOM last year. The money was to be used to facilitate a small holiday home in the country for his retirement so that he "could spend the rest of my life in peace, and nature." Now it could all be lost.

A young widow commented: ‘Just when you think life cannot get worse after the death of my husband last year leaving me with three school age children, I now face the fact that the money which I received from a critical illness policy, as a result of his death, and invested for us to live on is now likely to be lost. How can banks do this to their depositors?

Due to money laundering regulations, many UK nationals working and retired overseas have no alternative but to bank offshore and most British citizens saving this way have secured their money through hard work, inheritance or by running businesses which have created UK jobs and contributed huge sums in UK taxes. Others work for charities, international agencies and the armed forces or invested in KSFIOM through pension schemes run by AXA, Aegon Scottish Equitable, Royal Skandia and Prudential. Many are local Manx residents who use the island’s financial institutions as high street banks.

While the Isle of Man does have an individual saver compensation scheme of £50,000, it is unclear how this will be funded by a government which has also stated it has £2 million in KSFIOM. Only time will tell what effect this situation will have on the fiscal credibility of this small British island, whose international representation is the constitutional responsibility of the UK Government.

Ironically, many KSFIOM depositors are now financially supporting the 100% compensation of UK mainland savers in collapsed Icelandic banks through their tax contributions.
The UK Government is misleading the general public by posturing itself as the rescuer of all British savers. This is fundamentally untrue; whilst British mainland savers have had their deposits protected, savers using British offshore banks have been left to fend for themselves.

If the UK government is sincere in wishing to protect the needs of all British savers, it needs to address this issue as a matter of urgency. The KSFIOM Depositors Action Group will be presenting a petition to the UK government, the Isle of Man Government and the Icelandic Government on Monday 20 October 2008 to highlight the situation being faced by thousands of such savers and to suggest a list of actions that need to be taken to help resolve this situation.

For more information: www.ksfiomdepositors.com or call XX on XX

NOTES TO EDITORS
On 8 October 2008, The Isle of Man Financial Supervision Commission suspended KSFIOM's banking license, accordingly KSFIOM has ceased to trade as a bank. The provisional liquidation is necessary because of KSFIOM’s financial position and to ensure that the best interests of customers and creditors are served.
On 9 October 2008 the Isle of Man Court made an Provisional Liquidation Order in relation to Kaupthing Singer and Friedlander (Isle of Man) Limited ("KSFIOM"). Michael Simpson of PricewaterhouseCoopers was appointed as Liquidator Provisionally of KSFIOM.

The Derbyshire Building Society sold its Isle of Man business to Kaupthing Singer and Friedlander in November 2007


Final version of the press release

  • AJM UAE
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Sat, 18/10/2008 - 14:15

Please can you post the final version of the press release in a prominent position on the front page of the website? I've seen many versions and am not sure which one we decided to go with. Once you have posted this I (and many others) will send it to the local media here in the United Arab Emirates. Thanks.


Is final press release ready, with phone etc ?

  • icdbrazil
  • 10/10/08 30/11/09
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 17:08

If so or when ready grateful post in prominent position (Final press releases folder, as there will be follow ups). I hope to get it out to Reuters newsroom contacts.

Also site was down again a little while ago:

We are all directing media to our site, so if its not up its a disaster. You reckon we can get another very simple site up with just the press release and petition (key docs, no traffic) and quote that on the everything released as well as the main one? (with references for both on each site of course - no shame in stating that its to ensure details available in event that main site down due to traffic).


Press Release

  • DJO Gutted
  • 12/10/08 01/06/09
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 17:32

icdbrazil
can't we use the Lost Your Savings site. it seems user friendly and visually friendly?


Fine, but will need a

  • icdbrazil
  • 10/10/08 30/11/09
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 17:38

Fine, but will need a reference to it & vv, in order to serve as an alternative if needed. It is vitally important in the event that there is even short downtime on our site, if a journalist tries it and can´t get on .....


c'mon we're losing time get

  • expat
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 17:02

c'mon we're losing time get it out to the press please


URGENT: EXPAT, DIVER, BBLAIR,

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 17:41

URGENT: EXPAT, DIVER, BBLAIR, HOPPER, OCCAMS, EVERYONE:: - all press releases have gone an hour ago. Got some more from other sources to go tomorrow morning. Have used my personal phone number in addition to the google email address. I may need to be able to pass folk forward for finer details on specifics they ask and bring the right interviewees froward. I need a comprehensive list of who can give what gen so I can go straight to an fro. please contact me to give me your direct numbers with the areas you feel paticularly comfortable discussing:
e.g cold-dose - in-flight transfers etc etc


Sleepless, no-one can contact

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 17:51

Sleepless, no-one can contact you because you haven't enabled your contact form to receive email. See here:
http://www.ksfiomdepositors.netgenius.co.uk/?q=node/159
That said, I think Diver's is enabled, you can email them.
I'm occupied with other things and will leave you and Diver etc to coordinate press release.


occams - done it!! sorry

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 17:58

occams - done it!! sorry thought I already had -wondered why everyone ignoring me!!!


Reuters

  • wood
  • 12/10/08 30/05/13
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 17:51

Did you get the Reuters contact addresses I sent in your list or did you already have them anyway?


Sleepless - Need final press release

  • icdbrazil
  • 10/10/08 30/11/09
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 17:44

Sleepless, can we get the final version (with contact number etc) up on site please in a prominent position.


ICDbrazil - go to 'media' the

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 17:57

ICDbrazil - go to 'media' the final draft is at the top. I have included my personal phone number so would rather not post so if you have contacts you want the press release forwarded to contact me and I will do it through the google email address Diver has set up. I have no problem giving my mobile to you via email contact if you need to talk to me.


Sleepless - Urgent ref Press Release

  • icdbrazil
  • 10/10/08 30/11/09
  • a depositor
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  • Fri, 17/10/2008 - 18:55

Press Release:

Please send it to John [dot] Kemp(?)reuters [dot] com with copy to Jack [dot] Reerink(?)reuters [dot] com

Also plse cc: bernd [dot] debusmann(?)thomsonreuters [dot] com

I will email them separately to tell them to expect it and asking them to action.


They are now on the media

  • teapot
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 19:56

They are now on the media list


teapot, jenren, will you

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 14:48

teapot, jenren, will you handle the email contacts with myself (and Diver)? All - obviously there will be BOLD for headline and the para regarding petition at top.


press release contacts

  • wood
  • 12/10/08 30/05/13
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 16:59

Hi sleepless et al
Don't know if you have these already but I've just heard back from someone at Reuters IT I know. Contact addresses:
1. UK [dot] online(?)reuters [dot] com
2. London [dot] newsroom(?)reuters [dot] com


Sleepless can you send me an

  • teapot
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 15:02

Sleepless can you send me an email address to contact you - just a few minor edits that have got lost since yesterday...


press release contacts

  • wood
  • 12/10/08 30/05/13
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 17:14

I don't know how to check this - Have you got the Reuters addresses I just sent to sleepless?


Added to the list - thanks

  • teapot
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 19:58

Added to the list - thanks


yes. Contact via hotmail as

  • jenren
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 14:56

yes. Contact via hotmail as well. Let me know what I need to do.


Reuters for press release

  • wood
  • 12/10/08 30/05/13
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 17:17

jenren
I don't know how to check this - Have you got the Reuters addresses I just sent to sleepless?


I am just waiting for Diver

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 14:59

I am just waiting for Diver to let me have access details then will contact you. ;)


just back

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 15:06

have just emailed you guys with details


THE FINAL PRESS RELEASE

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 12:18

With the exception of the fact that someone need to let us have a phone number and confirmed email address at the bottom this Press Release (PR) should be good to go.

Thanks to everyone for their contributions, I/we have tried to incorporate as many of them as feasible. Please remember that certain sections had suggested edits from more than one person so a choice was made...you weren't igored.

As far as naming convention goes the following have been used:
KSFIOM
KSFUK
KEUK

The above were included because they were deemed important in our story. KEUK was included because it is a separate legal entity unlike KEIOM which is why this one was removed.

It would really be appreciatedif any further editing comments were restricted to any typos or spelling errors (hopefully none) as this document has been edited to death. Thanks.

DRAFT PRESS RELEASE
Kaupthing Singer & Friedlander Isle of Man (KSFIOM) Depositors Action Group - www.ksfiomdepositors.com

THE BRITISH SAVERS LEFT IN LIMBO BY GORDON BROWN 17 October 2008

While Gordon Brown has been taking centre stage amongst European leaders who have been quick to praise his decisive actions to shore up the UK economy and protect the interests of British savers, many British citizens have been left in limbo by his actions.

Under UK government direction, the assets of Kaupthing Edge UK (KE UK) were transferred to ING Direct last week, to the doubtless relief of its UK-based depositors, without any regard given to the devastating consequences this action would have on savers with Kaupthing Singer & Friedlander in the Isle of Man (KSFIOM). The diplomatic showdown between Iceland and the UK resulted in some 60% of KSFIOM’s funds being frozen in the UK leaving thousands of regular working people with no idea whether their savings will ever be returned to them.

In the meantime, the 3,000 savers of Kaupthing Singer & Friedlander in the UK (KSF UK) not included within KE UK are being sent the paperwork to claim 100% compensation on their deposits.

Here are some stories of the less fortunate:

Ruth Burridge worked seven days a week for more than 20 years running a seaside pub to put aside the cash in a Derbyshire Building Society offshore deposit account. The 87-year-old widow, who stands to lose her entire £600,000 life savings because of KSFIOM's present situation, is likely to spend the rest of her days in a care home.
Her nest-egg could virtually disappear because the Derbyshire’s offshore accounts were taken over last November by KSFIOM. She said: ‘I can’t believe this is happening. I’ve worked hard all my life and never asked anyone for a penny. I put my money in a building society I thought was safe.’

Angela – who did not want to give her second name – is originally from Essex. She left school at 17 and worked hard holding down several jobs and renovating flats in her spare time. Eventually selling everything, she moved to Los Angeles to fulfill her dream of studying drama. “Stupidly enough I put absolutely every penny I had in the world into KSIOM, I don't have any other source of income. We are weeks away from being declared bankrupt and losing our home, I am numb and shaking. At a time when I should be doing everything in my power to be proactive I am totally disabled by fear”.

A Pashtoon, who declined to give his name, served with the British Army in Afghanistan and lost his arm and sustained shrapnel damage from a land mine in Paktia province in June 2006. He was medically discharged and given a lump sum payment (fully taxed), and pension. This £68k was deposited in the Derbyshire BS (IOM) which became part of KSFIOM last year. The money was to be used to facilitate a small holiday home in the country for his retirement so that he "could spend the rest of my life in peace, and nature." Now it could all be lost.

A young widow commented: ‘Just when you think life cannot get worse after the death of my husband last year leaving me with three school age children, I now face the fact that the money which I received from a critical illness policy, as a result of his death, and invested for us to live on is now likely to be lost. How can banks do this to their depositors?

Due to money laundering regulations, many UK nationals working and retired overseas have no alternative but to bank offshore and most British citizens saving this way have secured their money through hard work, inheritance or by running businesses which have created UK jobs and contributed huge sums in UK taxes. Others work for charities, international agencies and the armed forces or invested in KSFIOM through pension schemes run by AXA, Aegon Scottish Equitable, Royal Skandia and Prudential. Many are local Manx residents who use the island’s financial institutions as high street banks.

While the Isle of Man does have an individual saver compensation scheme of £50,000, it is unclear how this will be funded by a government which has also stated it has £2 million in KSFIOM. Only time will tell what effect this situation will have on the fiscal credibility of this small British island, whose international representation is the constitutional responsibility of the UK Government.

Ironically, many KSFIOM depositors are now financially supporting the 100% compensation of UK mainland savers in collapsed Icelandic banks through their tax contributions.

The UK Government is misleading the general public by posturing itself as the rescuer of all British savers. This is fundamentally untrue; whilst British mainland savers have had their deposits protected, savers using British offshore banks have been left to fend for themselves.

If the UK government is sincere in wishing to protect the needs of all British savers, it needs to address this issue as a matter of urgency. The KSFIOM Depositors Action Group will be presenting a petition to the UK government, the Isle of Man Government and the Icelandic Government on Monday 20 October 2008 to highlight the situation being faced by thousands of such savers and to suggest a list of actions that need to be taken to help resolve this situation.

For more information: www.ksfiomdepositors.com or call XX on XX

NOTES TO EDITORS
On 8 October 2008, The Isle of Man Financial Supervision Commission suspended KSFIOM's banking license, accordingly KSFIOM has ceased to trade as a bank. The provisional liquidation is necessary because of KSFIOM’s financial position and to ensure that the best interests of customers and creditors are served.

On 9 October 2008 the Isle of Man Court made an Provisional Liquidation Order in relation to Kaupthing Singer and Friedlander (Isle of Man) Limited ("KSFIOM"). Michael Simpson of PricewaterhouseCoopers was appointed as Liquidator Provisionally of KSFIOM.

The Derbyshire Building Society sold its Isle of Man business to Kaupthing Singer and Friedlander in November 2007.


ALL!!!!! PLEASE READ! : re

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 12:30

ALL!!!!! PLEASE READ! :
re press release: DIVER, TEAPOT, Shall I start getting this out this afternoon? If I cannot attain the p.r disc I will go the long way round (with your help too teapot, I know you have started collating) but we need to include when we are going to be handing over the petitions in each: London, IoM, Iceland. If we could do this simultaneously I think it would have more impact:

Expat an IoM group, are you happy with Monday? Do you have priors?
London - who's available and willing?
Iceland - who is there?


petition

  • 208
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 17:09

Hi I have just spoken with xpat. We are standing by to deliver the petition on Monday.


Small typo in press release

  • swissloss
  • 13/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 12:26

Great work again Diver. Please note consistency re quotation marks from the different people (" or '?) and close the quotation marks from 'young widow'. Otherwise looks good to me.


Press release

  • Julienne
  • 16/10/08 31/08/09
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 10:02

The press release is GREAT - we need to get our case in front of the media - too many people - most of my friends keep telling me my money is 'safe' and I have nothing to worry about - no one unnderstands what banking offshore in this case means we need to get out there in front of the media with as much force as possible. "go forth and prosper"


Foreign Press

  • saudijohn
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 08:29

Are you targetting any foreign press with the press release?
If so, these 2 english language papers have quite a large expat readership in the Middle East:

Saudi Arabia
Arab News: Editor in Chief: Mr. Khaled Al-Maeena:
almaeena(?)arabnews [dot] com

Bahrain
Gulf Daily News: gdn1(?)batelco [dot] com [dot] bh


Diver

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 14:40

Diver, did you copy this request? Every expat in Bahrain reads the GDN!


yes they are on our media

  • teapot
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 14:42

yes they are on our media list


Draft Press Release

  • Stunned Mullet
  • 17/10/08 n/a (free)
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 04:26

Folks, I'm late joining this site (today) and forgive my tardy contribution to what is a excellent initiative. If I understand matters correctly, is not the bulk of our money now located in the UK as a result of the PM's action in freezing all of Kaupthing's assests there? In the summary of the release, would it make sense to therefore state that if Mr. Brown wants to protect all British savers, then he should ensure the IOM money held in the UK is immediately returned.

Stunned Mullet


Money in UK

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 10:27

The money in the UK wasn't frozen by the PM - it was frozen by KSF UK going into administration. The PM has no legal power to intervene in that process, it's down to the UK administrators (Ernst & Young).


V7 FINAL (for 16/10) Press Release

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 21:31

I'm posting the current final Press Release before I go and catch up on sleep. Please take a good look at it and consider carefully if there is anything major that we need to include. The document is already pretty long for a PR so let's not pad it out. Would appreciate it if any changes we're emailed over to me for inclusion in the am as we've had various version issues with multiple edits so I'd rather I was the one putting changes through. Naturally, happy to hand this over if someone else wishes to do it.

Ignore Formatting for the time being.

DRAFT PRESS RELEASE
Kaupthing Isle of Man (ksfiom) Depositors Action Group - www.ksfiomdepositors.com
THE BRITISH SAVERS LEFT IN LIMBO BY GORDON BROWN 16 October 2008
While Gordon Brown has been taking centre stage amongst European leaders who have been quick to praise his decisive actions to shore up the UK economy and protect the interests of British savers, many British citizens have been left in limbo by his actions.
The assets of Kaupthing Edge UK were transferred to ING Direct last week with no consideration of the devastating consequences for savers with Kaupthing Singer & Friedlander in the Isle of Man (KSFIOM). The diplomatic breakdown between Iceland and the UK, which has resulted in 60% of KSFIOM’s funds being frozen in the UK, has left thousands of normal, hard-working people with no idea of whether any of their money will ever be returned.
In the meantime, the 3,000 savers of KSF in the UK are being sent the paperwork to claim 100% compensation on their deposits.
Here are some stories of the less fortunate:
Ruth Burridge worked seven days a week for more than 20 years running a seaside pub to put aside the cash in a Derbyshire Building Society offshore deposit account. The 87-year-old widow, who has lost almost her entire £600,000 life savings because of the Icelandic banking crash, is likely to spend the rest of her days in a care home.
Her nest-egg will virtually disappear because the Derbyshire’s offshore accounts were taken over last November by KSF IOM. She said: ‘I can’t believe this is happening. I’ve worked hard all my life and never asked anyone for a penny. I put my money in a building society I thought was safe.’
Angela – who did not want to give her second name – is originally from Essex. She left school at 17 and worked hard holding down several jobs and renovating flats in her spare time. Eventually selling everything, she moved to Los Angeles to fulfill her dream of studying drama. “Stupidly enough I put absolutely every penny I had in the world into Kaupthing, I don't even have a spare few thousand hanging around anywhere else. We are weeks away from being declared bankrupt and losing our home, I am numb and shaking. At a time when I should be doing everything in my power to be proactive I am totally disabled by fear”.
A Pashtoon, who declined to give his name, served with the British Army in Afghanistan, but lost his arm and sustained shrapnel damage from a land mine in Paktia province in June 2006. He was medically discharged and given a lump sum payment (fully taxed), and pension. This £68k was deposited in the Derbyshire BS(IOM) which later transferred to KSF(IOM) last year. The money was to be used to facilitate a small holiday home in the country for his retirement so that he "could spend the rest of my life in peace, and nature." Now it's all gone.
Due to money laundering regulations, many UK nationals working and retired overseas have no alternative but to bank offshore and most British citizens saving this way have secured their money through hard work, inheritance or by running businesses which have created UK jobs and contributed huge sums in UK taxes. Others work for charities, international agencies and the armed forces or invested in KSF IOM through pension schemes run by AXA, Aegon Scottish Equitable, Royal Skandia and Prudential. Many are local Manx residents who use the island’s financial institutions as high street banks.
While the Isle of Man does have an individual saver compensation scheme of £50,000, it is unclear how this will be funded by a government which has also stated it has £2 million in KSFIOM. Only time can tell the effect this situation will have on the credibility of the small island, whose interests on the international arena are represented by the United Kingdom, as a financial entity.
Ironically, many KSFIOM & KEIoM depositors are now financially supporting the 100% compensation of UK mainland savers in collapsed Icelandic banks.
The UK Government is currently misleading the public at large by positioning itself as the saviour of all British savers. This is fundamentally untrue. Whilst British savers whose savings are on the mainland are being protected all British savers whose savings are offshore are being left to fend for themselves.
If the UK government is sincere in wanting to protect the needs of all British savers, it needs to address this issue as a matter of urgency. The KSF IOM Depositors Action Group will be presenting a petition to the UK government, the Isle of Man Government and the Icelandic Government on Monday 20 October 2008 to highlight the situation being faced by thousands of such savers and to suggest a list of actions that need to be taken to help resolve this situation.
For more information: www.ksfiomdepositors.com or call XX on XX
NOTES TO EDITORS
On 8 October 2008, The Isle of Man Financial Supervision Commission suspended KS&FIOM's banking license, accordingly KS&FIOM has ceased to trade as a bank. The provisional liquidation is necessary because of KS&FIOM’s financial position and to ensure that the best interests of customers and creditors are served.
On 9 October 2008 the Isle of Man Court made an Provisional Liquidation Order in relation to Kaupthing Singer and Friedlander (Isle of Man) Limited ("KS&FIOM"). Michael Simpson of PricewaterhouseCoopers was appointed as Liquidator Provisionally of KS&FIOM.
The Derbyshire Building Society sold its Isle of Man business to Kaupthing Singer and Friedlander in November 2007.


V7 Comment

  • bushmen
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 09:23

How about mentioning that the UK FSA regulates the mortgage section of KSF IOM, and thus, the regulation issue that has come up before might be countered with this new information.

This means as per a previous poster's comments, that they must have investigated the bank to make sure all is safe and sound and plays a definite part.


Press release looks great

  • 1log
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 07:42

V7 the final version is to the point and delivers the message. I only hope this is another angle to help prevent liquidation proceedings on 24th Oct. prayers!!


V7 press release - spot on/ clean up thread

  • swissloss
  • 13/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 06:17

Diver - this is excellent. As with the Petition thread, can we get this thread cleaned up so it's only showing this? avoids any version confusion.


diver, a few suggestions

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 07:39

diver, a few suggested changes for your consideration:

The assets of Kaupthing Edge UK were transferred to ING Direct last week to the doubtless relief of its UK-based depositers, but without any regard given to the devastating consequences facing savers with Kaupthing Singer & Friedlander in the Isle of Man (KSFIOM). The diplomatic showdown between Iceland and the UK resulted in some 60% of KSFIOM’s funds being frozen in the UK leaving thousands of regular working people with no idea whether their savings will ever be returned to them.
In the meantime, 3,000 KSF (UK) savers are being sent documents to claim 100% compensation on their deposits.
Here are some stories of the less fortunate:
Ruth Burridge worked seven days a week for more than 20 years running a seaside pub and putting her savings aside in the Derbyshire Building Society offshore deposit account. The 87-year-old widow - who has potentially lost almost her entire £600,000 of life-savings as a direct consequence of the Icelandic banking crash - could end up spending the rest of her days in a care home.
Her nest-egg may disappear as a result of the Derbyshire’s offshore accounts being taken over last November by KSF IOM. She said: ‘I can’t believe this is happening. I’ve worked hard all my life and never asked anyone for a penny. I put my money in a building society that looked after my savings without any worry; I never thought a bank would be unsafe.’

Only time will tell what effect this situation will have on the fiscal credibility of this small British island, whose international representation is the constititutional responsibility of the UK Government.

The UK Government is misleading the general public by posturing itself as the rescuer of all British savers. This is fundamentally untrue; whilst British mainland savers have had their deposits protected, savers using British offshore banks have been left to fend for themselves.

If the UK government is to project itself as the protector of depositors using any British bank, then it needs to address this issue urgently. The KSF IOM Depositors Action Group will present a petition to the Governments of the UK, Isle of Man, and Iceland, on Monday 20 October 2008 highlighting the situation faced by thousands of British offshore bank savers and suggesting a list of actions that must be taken to resolve this situation.


Suggestions

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 07:49

Thanks to all for their suggestions, I have received a couple more via email (just tweaks here and there). I'm needed elsewhere for the next couple of hours so won't be able to get to this 'till around 11:30 UK time when I get back. If something arises that this needs to be done before then can someone please pick this up until my return? Thanks


youngwidow story

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 08:39

diver, malc made a suggestion to include youngwidow story:

Just when you think life cannot get worse after the death of my husband last year leaving me with three school age children I now face the fact that the money which I received from a crictical illness policy as a result of his death and invested for us to live on is now likely to be lost. How can banks do this to their depositors?


URGENTLY required - Media email contacts

  • teapot
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 08:52

Very sad and sums it up for others too...can we get more details on this example to include in release? If so email them direct to Diver asap. Will have to close Press Release and get it out by midday.

Can anyone with email addresses of media contacts please send them to me Teapot via the site - I am compiling a list for circulation of release. Will include politicians. One or more just send them over asap. Thanks!


Media contacts-reuters?

  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
  • Offline
  • Fri, 17/10/2008 - 09:19

Has anyone thought of posting the press release with reuters.This could lead to it being put on their newswires and be seen by news operations worldwide....TV ,Radio, newspapers etc.I was looking last night but couldn't figure out exactly how to do it.Will keep trying unless someone else is onto it.


may have a quicker route - am

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 08:57

may have a quicker route - am working on it. let you know by mid morning hopefully.


sounds good - I am trying

  • teapot
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 17/10/2008 - 09:01

sounds good - I am trying other avenues too but have started to trawl the papers/online for key contacts - let me know when you can


V6 Press Release

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 20:05

Due to the fact we had various versions of the Draft Press Release rocking about, none of which were complete, I am posting a latest version now. If there are any changes you wish to make please email me via this website and I will put them in or open them to discussion as this thread is getting very cluttered. I have, for the time being, not included any mention of KE IoM because I am under the impression we decided it wasn't a legal entity in the IoM (unlike KE UK). If this is incorrect, again, please email me and I will revise the PR.

Lastly, if anyone has a suggestion for the phone number we should include on the bottom (and preferably have the number to hand) that would be very helpful. Thanks.

DRAFT PRESS RELEASE
Kaupthing Isle of Man (ksfiom) Depositors Action Group - www.ksfiomdepositors.com
THE BRITISH SAVERS LEFT IN LIMBO BY GORDON BROWN 16 October 2008
While Gordon Brown has been taking centre stage amongst European leaders who have been quick to praise his decisive actions to shore up the UK economy and protect the interests of British savers, many British citizens have been left in limbo by his actions.

The assets of Kaupthing Edge UK were transferred to ING Direct last week with no consideration of the devastating consequences for savers with Kaupthing Singer & Friedlander in the Isle of Man (KSFIOM). The diplomatic breakdown between Iceland and the UK, which has resulted in 60% of KSFIOM’s funds being frozen in the UK, has left thousands of normal, hard-working people with no idea of whether any of their money will ever be returned.

In the meantime, the 3,000 savers of KSF in the UK are being sent the paperwork to claim 100% compensation on their deposits.

Here are some stories of the less fortunate:

Ruth Burridge worked seven days a week for more than 20 years running a seaside pub to put aside the cash in a Derbyshire Building Society offshore deposit account. The 87-year-old widow, who has lost almost her entire £600,000 life savings because of the Icelandic banking crash, is likely to spend the rest of her days in a care home.
Her nest-egg will virtually disappear because the Derbyshire’s offshore accounts were taken over last November by KSF IOM. She said: ‘I can’t believe this is happening. I’ve worked hard all my life and never asked anyone for a penny. I put my money in a building society I thought was safe.’

Angela – who did not want to give her second name – is originally from Essex. She left school at 17 and worked hard holding down several jobs and renovating flats in her spare time. Eventually selling everything, she moved to Los Angeles to fulfill her dream of studying drama. “Stupidly enough I put absolutely every penny I had in the world into Kaupthing, I don't even have a spare few thousand hanging around anywhere else. We are weeks away from being declared bankrupt and losing our home, I am numb and shaking. At a time when I should be doing everything in my power to be proactive I am totally disabled by fear”.

A Pashtoon, who declined to give his name, served with the British Army in Afghanistan, but lost his arm and sustained shrapnel damage from a land mine in Paktia province in June 2006. He was medically discharged and given a lump sum payment (fully taxed), and pension. This £68k was deposited in the Derbyshire BS(IOM) which later transferred to KSF(IOM) last year. The money was to be used to facilitate a small holiday home in the country for his retirement so that he "could spend the rest of my life in peace, and nature." Now it's all gone.

Due to money laundering regulations, many UK nationals working and retired overseas have no alternative but to bank offshore and most British citizens saving this way have secured their money through hard work, inheritance or by running businesses which have created UK jobs and contributed huge sums in UK taxes.
Others work for charities, international agencies and the armed forces or invested in KSF IOM through pension schemes run by AXA, Aegon Scottish Equitable, Royaö Skandia and Prudential. Many are local Manx residents who use the island’s financial institutions as high street banks.

While the Isle of Man does have an individual saver compensation scheme of £50,000, it is unclear how this will be funded by a government which has also stated it has £2 million in KSFIOM. Only time can tell the effect this situation will have on the credibility of the small island, whose interests on the international arena are represented by the United Kingdom, as a financial entity.

Ironically, many KSFIOM depositors are now supporting the 100% compensation of Icelandic savers in the mainland UK through their tax contributions while facing the prospect of not being compensated themselves.

The UK Government is currently misleading the public at large by positioning itself as the saviour of all British savers. This is fundamentally untrue. Whilst British savers whose savings are on the mainland are being protected all British savers whose savings are offshore are being left to fend for themselves.

If the UK government is sincere in wanting to protect the needs of all British savers, it needs to address this issue as a matter of urgency. The KSF IOM Depositors Action Group will be presenting a petition to the UK government, the Isle of Man Government and the Icelandic Government on Monday 20 October 2008 to highlight the situation being faced by thousands of such savers and to suggest a list of actions that need to be taken to help resolve this situation.

For more information: www.ksfiomdepositors.com or call XX on XX

NOTES TO EDITORS
On 8 October 2008, The Isle of Man Financial Supervision Commission suspended KS&FIOM's banking license, accordingly KS&FIOM has ceased to trade as a bank. The provisional liquidation is necessary because of KS&FIOM’s financial position and to ensure that the best interests of customers and creditors are served.
On 9 October 2008 the Isle of Man Court made an Provisional Liquidation Order in relation to Kaupthing Singer and Friedlander (Isle of Man) Limited ("KS&FIOM"). Michael Simpson of PricewaterhouseCoopers was appointed as Liquidator Provisionally of KS&FIOM.
The Derbyshire Building Society sold its Isle of Man business to Kaupthing Singer and Friedlander in November 2007.


V6 press release - final small comments

  • swissloss
  • 13/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 20:18

Diver - great job. Have reread what I wrote earlier and am reposting this to reflect changes to V6.

Suggest headline should be even stronger '....abandoned by Gordon Brown' rather than 'left in limbo' - we're going for impact here, forget the niceties in my view
Royaö Skandia typo (blame my German keyboard)
"Ironically, many KSFIOM & KEIoM depositors are now supporting the 100% compensation of Icelandic savers in the mainland UK" - sorry that doesn't make sense and is confusing - I should have written
"Ironically, many KSFIOM & KEIoM depositors are now financially supporting the 100% compensation of UK mainland savers in collapsed Icelandic banks...."

Any chance of the administrator deleting previous versions to avoid confusion? It would be good to have the final version up which we can refer people to, without them seeing the discussion that went behind it


V6 Changes

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 20:25

Have made these changes but will not post new version yet as we'll be into version 76 soon!

  • Royal Scandia - is that right?
  • hanve changes the phrase you wanted.

Haven't changed the title because we've also had people wanting more moderate language so as to keep Gordon on our side. Thanks...you've balanced the argument out for me so I can leave it as it is! :-)


V6 changes confirmed

  • swissloss
  • 13/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 20:28

Thanks Diver - you're a *. It's Royal Skandia.


PLEASE STOP EDITING PRESS RELEASE

  • mikepapa
  • 10/10/08 n/a (free)
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 19:15

Diver is currently working on final draft of our petition.

As he is the originator of this page can you please all wait so that he can do the same with the press release.