IOM Treasury to pay full cost of SOA
I attended the SOA London roadshow on Monday 11th May and questioned Peter Spratt regarding who will pay for the costs of the SOA. Whilst receiving a very vague answer from Spratt, it was clear that PWC hadn't bothered to clarify this matter before spending a significant quantum of creditors' assets (I estimate £2 million) on drafting the document - complete with inept errors, including the balance sheet etc.
Subject to PWC's confirmation that the SOA has been rejected and given that Spratt at least confirmed at this meeting that the SOA was promoted by the Isle of Man, I suggest that we INSIST that IOM picks up each and every cost associated with the SOA - in particular all the time wasted by PWC and charged at £800 / hour and Lovells massive fees that will otherwise be deducted from money that should be returned to us.
Furthermore, if IOM won't pay, then PWC must since PWC would then be negligent in not first agreeing that IOM picks up the full bill BEFORE setting out on this very expensive exercise that has proven to be a complete waste of time.