Kaupthing Hf Financial Statements for 2013

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
  • Offline
Posted: Fri, 04/04/2014 - 10:57

The Kaupthing hf Financial Statements for 2013 and related Supplementary Material, published respectively on 17th and 20th March 2014, are available here: http://www.kaupthing.com/home/announcements/announcements-from-winding-u...

As our financial interest in K hf is now relatively small (limited essentially to our share of KSFUK's claim against K hf and KSFIOM's shortfall claim under the parental guarantee for an amount yet to be agreed but now largely for lost interest), I make no attempt to comment on the detailed accounts. However, I thought the following extracts from page 4 of the Financial Statement worth noting:

"The Winding-up Committee, after consultation with creditors and other parties, is preparing the Company for a creditor ́s composition. However, as the vast majority of the Company ́s assets is located abroad and/or denominated in foreign currencies, and given the fact that the bulk of claims against the Company is held by creditors domiciled abroad, the execution of such a composition agreement with the creditors will not be possible, due to the capital controls provided for in the Foreign Exchange Act No 87/1992, without an exemption from the Central Bank of Iceland (“CBI”). The Company has submitted an exemption application but has not received a formal response from the CBI. Furthermore, according to the Act on Financial Undertakings if a composition is ultimately not achievable then the Winding-up Committee shall petition for the Company to be subject to bankruptcy proceedings by a ruling of the District Court."

"In December 2013 legislative amendments were made on the Bank Tax Act No. 155/2010 which imposed a new tax on the Company based on finally accepted claims in excess of ISK 50 billion as at year end. The Winding-up Committee has expressed doubts as to the legitimacy of the Bank Tax and reserves all rights in that respect, including but not limited to, having the validity of the taxation tested before Icelandic Courts."

"In 2013 the finally accepted priority claims in accordance with Art. 109, 110 and 112 were paid in full, amounting to ISK 19.3 billion."

"As of 31 December 2013 the Company ́s total assets amounted to ISK 778 billion and outstanding claims amounted to ISK 2,879 billion."

A more detailed overview of the financial situation at 31 Dec 2013 can be found on page 5 of the Supplementary Material.

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