Jonathon Smalley calls for inquiry Manx Radio invites comments

  • Sarah f
  • 10/10/08 31/05/09
  • unspecified
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Posted: Tue, 10/02/2009 - 07:55

J. Smalley is calling for an Inquiry in KSF collapse. Manx Radio is inviting comment
http://www.manxradio.com/newsread.aspx?id=32798

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Smalley, public enquiry, try this link.. What is the FSC for?

  • follow_the_tao
  • 11/10/08 31/05/09
  • a depositor
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  • Wed, 11/02/2009 - 05:09

The man can see the future

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Wed, 11/02/2009 - 05:32

THe man can see the future I wonder what his take on next friday will be.


Email Manx Radio

  • grandmaparis
  • 13/10/08 30/09/09
  • a depositor
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  • Tue, 10/02/2009 - 23:36

Email sent.


Email Manx Radio

  • grandmaparis
  • 13/10/08 30/09/09
  • a depositor
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  • Tue, 10/02/2009 - 23:36

Email sent.


Manx news

  • shafted
  • 10/10/08 12/12/09
  • a depositor
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  • Tue, 10/02/2009 - 20:20

I have sent also


Where are the comments

  • rapata
  • 13/10/08 03/08/09
  • a depositor
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  • Tue, 10/02/2009 - 20:02

Are the comments posted on the web site same as IOM Today? I was unale to see any.


Worth a look at Smalley's site : www.law-man.com

  • follow_the_tao
  • 11/10/08 31/05/09
  • a depositor
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  • Tue, 10/02/2009 - 22:55

Just sent a comment to the radio as well.

Smalley seems to have a real interest in the issue, and his comments, for instance on the legal process and appointment of Mike Simmon's 'helper' are interesting.


Manx Radio interviews

  • caledonia
  • 14/10/08 30/09/09
  • a depositor
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  • Tue, 10/02/2009 - 13:03

Having sent my comment re Smalley's call for an enquiry - a reporter emailed asking us to phone him with regard to an online interview. I think he is hoping for more calls - in particular island residents.


Manx Radio Interview in 10 mins

  • Alastair
  • 10/10/08 30/09/09
  • a depositor
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  • Tue, 10/02/2009 - 15:21

Though not from the island I'm due to do an interview on Manx Radio in 10 mins.

Tony Brown in the House of Keys said "the only bad PR is a result of a group of depositors whose interests are not the same as the IOM" I paraphrase what I remember.


Manx Radio interviews

  • Anonymous
  • Offline
  • Tue, 10/02/2009 - 14:21

Would anyone from the island who is on the point of contacting Manx radio to support an inquiry please email me, because there is another matter that could be raised if anyone is willing.

email: l(?)thux [dot] net


Manx Radio

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
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  • Tue, 10/02/2009 - 16:11

If you take the time to listen to Manx Radio, you will understand the relevance of 1984 - It seems as if they are playing that year's chart music.

Having said all that you do know that Manx Radio shares are actually owned by the Isle of Man Treasury?

http://www.manxradio.com/contenttabs.aspx?fol=14212


Public Enquiry

  • bdsa
  • 10/10/08 02/06/13
  • a depositor
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  • Tue, 10/02/2009 - 11:41

Have just sent the following comment to IOM Today:

It is now four months since the collapse of KSFIOM. Yet the Isle of Man Government leaders are still behaving like deer caught in the headlights. Such incompetence and procrastination defy belief. There are some 10,000 depositors in KSFIOM. Many of them entrusted their life savings to this institution. The Depositors Compensation Scheme repeatedly cited by Mr. Brown and Mr. Bell, if it is ever implemented, will only pay a small percentage of the losses of many of these depositors. It is a disgrace that the Isle of Man, which prides itself on its standing as an intenational financial centre, is the only jurisdiction which has allowed a retail bank to go under without ensuring that its depositors get their money back in full.

The Government knows what it needs to do. It needs to raise the funds now and reimburse the depositors 100 percent, and quickly. If the only recourse left open to depositors is to take legal action against those responsible, many will lose, but particularly those who depend for their future living on the financial services industry in the Isle of Man.


Just sent mine.

  • caledonia
  • 14/10/08 30/09/09
  • a depositor
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  • Tue, 10/02/2009 - 11:15

Just sent mine.


omments to manx radio

  • tsunamivictim
  • 11/10/08 n/a (free)
  • a depositor
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  • Tue, 10/02/2009 - 09:57

Have just sent one


sent my comment as follows

  • jedizippy
  • 15/10/08 21/06/09
  • a depositor
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  • Tue, 10/02/2009 - 10:15

As a depositor with KSF IOM I wholly support this call for a public inquiry. I for one sat and watched the Treasury Select Committee meeting with dismay when after months of waiting and procrastinating by the Isle Of Man government, they let the UK off the hook and failed the KSF depositors for not the first time. These are real people with very real financial crisis caused by no fault of their own. We sit and listen to be told that the Singer & Friedlander board told people that Kaupting were not suitable to run a UK bank and still they let the takeover go ahead and then in addition with Derbyshire IOM which I also had an account with. Now I like 10,000 others are facing financial ruin and no one is taking any responsibility for it. After 5 months we are offered £ 1000 if we agree waive all of our rights in the future. What a complete joke that is.

The Isle Of Man government is the only government worldwide that is not guaranteeing depositors investments on an island which stakes is future on its financial system. What a laughing stock as that Financial system is about to come crashing down when it is clear that the transparent and secure banking environment is far from that. The DCS is basically a joke and it seems that no one actually wants to implement it by instead pioneering the SoA which is again wholly inadequate.

It is time for an full investigation into this crisis and if us depositors are to be robbed by IOM or HMG UK then we should at least have the satisfaction of finding out who is to blame so that we can take legal action to try and recover what is rightfully ours anyway. It is very sad for the Isle Of Man public that their own government is not prepared to take action to return 100% of depositors money and safeguard the up until now excellent banking centre that they once had. Sadly it seems they are happy to see the investments on the island taken elsewhere to safe havens where depositors are fully protected.


My Coment to Manx radio

  • Spanishfly
  • 25/10/08 31/05/09
  • a depositor
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  • Tue, 10/02/2009 - 09:38

My wife and I have several investments in the IOM that total about 150,000 Pounds , we also had 25,000 in KSFIOM .We have been watching this total farce of a government you have on the IOM, wriggling and squirming ducking and diving , its been months of worry as the money in KSFIOM was our useable money , My wife has had to result in returning to the UK ( we live in Spain) to work as home care for the elderly . Your Government offered a early payment scheme of 1000 Pounds all I had to do to take up this generous offer, fill in a 11 page form which by accepting was selling my sole to the IOM and allowed me no legal rights in the future.
We have written to our IFA expressing our concern that they are still advising investment in the IOM / Jersey and have asked them to get our investments out as quickly as possible, I think it would be safer under the bed .


money safer in Zimbabwe

  • chd
  • 13/10/08 30/09/09
  • a depositor
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  • Tue, 10/02/2009 - 10:16

You're right that the money would have been safer under a bed, outside, in the middle of Zimbabwe!

Just sent in mine.

The reason that the IOM is dilly dallying with an inquiry, is that they do not want to reveal the incompetence of their regulatory bodies and the bank managers. How can Aidan Doherty (one of the four eyes who was supposed to scrutinize every move made by the bank) reassure my father 3 days before the bank collapsed, that the 550mil sent over to Kaupthing UK, was ring-fenced? How can anybody with such an important stature in a bank, not know the status of such an important sum? This money, which is presently blocked in UK, holds the key to 100% return of all depositors' money. It is the job of the IOM government to correct these fallacies by returning ALL money stolen from the depositors. If they do not do this, they will reveal to the entire world that the IOM is nothing more than the Land of Nod.


money safer in Zimbabwe

  • Anonymous
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  • Tue, 10/02/2009 - 13:27

Many questions have been asked on this forum about representations made to depositors by Mr Doherty during the run-up to the collapse. It has been a constant theme on the forum since October 2008.

It is very disappointing that Mr Doherty himself appears to have made no comments about these matters, because he could doubtless shed some light on what went on in the bank during those last few weeks and months.


I think its hardly

  • SgKZ
  • 10/10/08 31/05/09
  • a depositor
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  • Tue, 10/02/2009 - 13:57

I think its hardly surprising. I think he would have known that anything he says now could potentially come back to haunt him. I would also argue that anyone who has nothing to hide will always try to answer questions. You can make your own mind up as to what people do when their actions have left alot to be desired.


I have sent my comment

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Tue, 10/02/2009 - 08:53

I have sent my comment please can all the other 2411 people registered here do so.
It is essential that we keep up the pressure on the IOM


Email to all depositors

  • Daughter
  • 17/10/08 31/05/09
  • a depositor
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  • Tue, 10/02/2009 - 21:49

Would it be possible for ng to send an email to all depositors requesting them to do the same? It is so easy to miss this thread. At the beginning we were all enthusiastically emailing everyone under the sun and although time has passed we are still seeking the same ultimate result. We need to rally the troops once again. Thanks.


Manx Radio Reply

  • Clogs2
  • 20/10/08 31/08/09
  • a depositor
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  • Tue, 10/02/2009 - 22:49

Email sent.


Comments

  • Sophie
  • 16/10/08 31/05/09
  • a depositor
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  • Tue, 10/02/2009 - 09:25

So have I. More please from others.


Comments

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
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  • Tue, 10/02/2009 - 09:53

Just sent now.


comment sent

  • kiwi38
  • 11/10/08 31/05/09
  • unspecified
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  • Tue, 10/02/2009 - 10:06

Please all comment. Any local calling for an inquiry needs to be supported before this is all swept under the carpet.


I am not sure that public

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
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  • Tue, 10/02/2009 - 11:22

I am not sure that public enquires actually assist anyway.
The problems that elgee suggests can occur with enquiries is true, but I think that this risk is not unique to the jurisdiction of the Isle of Man.
In the past week the enquiry on Bloody Sunday has been in the press http://www.telegraph.co.uk/news/uknews/northernireland/4520735/Bloody-Su... and http://www.guardian.co.uk/uk/2008/nov/06/blood-sunday-report-anguish

Look similarly at the timescale and implementation of the findings for the Equitable Life debacle.

http://www.ft.com/cms/s/0/6192feec-e2fe-11dd-a5cf-0000779fd2ac.html

One thing that will happen for sure if an enquiry takes place - rich lawyers will become richer


for instance Jonathan Smalley?

  • coldlightofday
  • 20/10/08 31/08/09
  • a depositor
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  • Tue, 10/02/2009 - 11:47

Rich lawyers becoming richer.... Why does this particular lawyer call for a public enquiry?

Perhaps my instinctive reaction is too cynical?


Public Inquiry?

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
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  • Tue, 10/02/2009 - 13:28

I was not intending to make any such accusation or assertion.
I don't know why Mr Smalley is suggesting this - maybe he thinks it is the right thing to do.


kiwi

  • Anonymous
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  • Tue, 10/02/2009 - 10:28

I don't argue with you on the inquiry, but warn that past inquiries in the Isle of Man have actually been a mechanism for sweeping things under the carpet.

Ask Jeremy Clarkson, for example, and some past Chief Ministers and other prominent Island personages.


for example Elgee?

  • coldlightofday
  • 20/10/08 31/08/09
  • a depositor
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  • Tue, 10/02/2009 - 10:49

Elgee,
which past inquiries in the Isle of Man are you referring to? We might as well have everything out in the open.


for example Elgee?

  • Anonymous
  • Offline
  • Tue, 10/02/2009 - 11:00

If I were to say which inquiries on the Island have led to findings about which I am dubious, I would be asking for trouble. Why not just do as I have done and search for past inquiries on the Isle of Man and read what the island press has had to say about them.

As to the principle of official inquiries being used to exonerate the people involved rather than expose the truth, there are many examples from UK recent history also, especially in relation to Northern Ireland.


public enquiry

  • Brabander
  • 15/10/08 31/05/09
  • unspecified
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  • Tue, 10/02/2009 - 22:19

Agree with Elgee. They are a waste of money as they invariably result in a white wash of the authorities. N Ireland is a good example but there are other recent and excellent examples of this in GB.
Another point do we really want to wait 10 years for the result?


Elgee, how can an inquiry sweep things away?

  • chd
  • 13/10/08 30/09/09
  • a depositor
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  • Tue, 10/02/2009 - 10:49

How?? I always thought that an inquiry was a mechanism for bringing things out into the open, rather than sweeping them away.

Please explain in more detail, rather than put a damper on this initiative.


Public enquiry

  • Brabander
  • 15/10/08 31/05/09
  • unspecified
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  • Tue, 10/02/2009 - 22:35

Are you really serious "Swiss". I have seen the results of a number of Public Enquiries in N Ireland from close up. They have generally been prevented (principally by the authorities at Westminster) from exposing the real truth. In addition they have taken an inordinate length of time and all they have done made a number of lawyers extremely wealthy. The only advantage I can detect is that they gave victims and relatives of victims a chance to talk about their suffering and tell the world about the injustices they feel they have suffered. Over the years some senior judges/officials in N Ireland have become masters at hiding and distorting the truth in such enquiries. This is possibly the reason the British Government appointed a senior N Ireland judge to head up the Public Enquiry (better called white wash) with respect to the suspicious death of a scientist who had to temerity to question the rationale behind the invasion of Iraq.
I know this has nothing to do with our plight but I caution you to suspend all hope that a Public Enquiry will bring us any satisfaction!


damper

  • Anonymous
  • Offline
  • Tue, 10/02/2009 - 10:54

I don't mean to put a damper on the proposal. It is a good one and indeed one that I have mentioned to the "team" several times during past few weeks in relation to the IoM FSC and the UK FSA and something that Jon Smalley has just called for on Manx radio.

However, I sought only to warn that inquiries on the Island have in the past been used to exonerate people. Some on the island have suggested that they have been whitewashes.


Comments

  • Sophie
  • 16/10/08 31/05/09
  • a depositor
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  • Tue, 10/02/2009 - 09:25

So have I. More please from others.


Comments

  • Dolobran
  • 14/01/09 14/07/10
  • a depositor
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  • Tue, 10/02/2009 - 11:13

Sent mine, lets keep the pressure up


EVERYONE: keep up the pressure. We have just days left!

  • Flower
  • 18/10/08 31/05/09
  • a depositor
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  • Tue, 10/02/2009 - 09:58

Our message to manx Radio has been sent too. Yesterday we sent another message to IOM News.

EVERYONE: keep up the pressure. We have just days left!


I just sent this. Not very

  • dclf1947
  • 10/10/08 31/08/09
  • a depositor
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  • Tue, 10/02/2009 - 09:57

I just sent this. Not very good I admit but written words are not my best subject.

"I too was surprised at Mr. Brown's performance. He had a platform to state in words what was in the IOM government written statement, it would have added much to the cause of trying to get the UK to "help out" is some political way. It seems to me he chose to protect his political career rather than the KSF depositors and the IOM banking businesses. Word is now getting around and expat depositors in the island banks are gradually removing their savings to put into a safer place, this must be bad for the IOM.With regards to the inquiry I am surprised that the IOM government did not instigate one very early in the proceedings. Even here in the Philippines a bank went down in the last few weeks, the government have had an inquiry, found many faults with the bank and regulators, admitted them and are starting to pay out the compensation. Perhaps Mr.Brown does not want a inquiry because of what maybe found?His most important task at the moment mus be to get confidence back in the IOM banking business and a sensible method of returning 100% of depositor's savings over a reasonable time."


so who is???

  • tsunamivictim
  • 11/10/08 n/a (free)
  • a depositor
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  • Tue, 10/02/2009 - 10:56

.Having telephoned the IOM FSC a few moments ago to ask when my 1000GBP might arrive, a delightful young man informed me that Quote: " my money had not been stolen and was nothing to do with the ISle of Man"!!! unquote.So where is it and who is responsible for its disappearance????


on islands and corruption

  • Anonymous
  • Offline
  • Tue, 10/02/2009 - 10:50

I note your mention of the Philippines. As the very embodiment of a place in which corruption in high places is endemic, it ought to be a matter of considerable embarrassment to the Isle of Man that the Philippines has had an inquiry into its bank collapse while the IoM, a place where corruption in high places is not exactly unknown (see Isle of Man scandals, passim), has not done so and is not proposing to do so.


Philippines

  • bobwin
  • 23/12/08 n/a (free)
  • a depositor
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  • Tue, 10/02/2009 - 10:33

I also live in the Phils--davao to be precise--where are you?
If you want to reply off site, my e mail is bobwindley(?)yahoo [dot] co [dot] uk

Regards

Bob


Bob I am very happy up here

  • dclf1947
  • 10/10/08 31/08/09
  • a depositor
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  • Tue, 10/02/2009 - 11:59

Bob

I am very happy up here in Laoag City, Ilocos Norte, right up the North of Luzon.

The article reference the Legacy Group of banks was in the Manila Times.

http://www.manilatimes.net/national/2009/feb/10/yehey/top_stories/200902...

http://www.manilatimes.net/national/2009/feb/10/yehey/top_stories/200902...

Not really anything to do with KSF but shows that even here the government take it seriously and want to be seen to be addressing the problem.