IOMG government behaviour is nothing short of scandalous

  • Brabander
  • 15/10/08 31/05/09
  • unspecified
  • Offline
Posted: Sun, 10/05/2009 - 09:43

FACTS:
-More than 7 months have passed since we lost access to our property!
-Over 5 months ago it became clear that KSFIOM could not be rescued
-In the meantime the IOMG announced with much fanfare their DCS to protect innocent depositors up to £50k
-The IOMG decided to spend £1m of their tax payers money on a bunch of so called financial wizards read charlatans to draw up a complex and extremely vague scheme which seriously disadvantages most depositors (by value) but protects the IOMG
-The IOMG have deliberately misrepresented the SoA in comparison with staight forward liquidation and triggering the DCS
-The IOM courts have repeatedly prevented liquidation of the KSFIOM despite the fact that the bank can not be rescued thus demonstrating their lack of independence
-The overwhelming majority of retail depositors with Kaupthing banks across Europe have by now been fully compensated. Retail depositors with KSFIOM have so far received nothing unless they have been prepared to sign away precious legal rights by accepting the IOMG conditions attached to the EPS
-Many depositors are being now asked to approve an SoA without having actually received the formal documents and/or without being giving adequate time to actually consider the documents.
-The overwhelming majority of depositors (by value) with KSFIOM live outside the IOM, often in very remote locations, these depositors have been treated like dirt
-From the above it has become absolutely clear that the IOMG do not want to liquidate KSFIOM and trigger the DCS, they are therefore using every trick in the book to make it difficult for overseas depositors to vote
-In contrast they have gone out of their way to enable depositors in the IOM to vote despite the fact that these depositors represent only a small portion of total deposits
-They have clearly done a backdoor deal with the institutions to get them to approve the SoA. It is likely that the SoA was drawn up with input of these institutions
-The only way to stop this charade is for the overwhelming majority of retail depositors to vote against the SoA.
-It must however be realised that the IOMG have already bought off most <£50k depositors it is therefore up to >£50k depositors to see that justice is done

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