Landsbanki Guernsey - Final position

  • ianw
  • 14/10/08 n/a (free)
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Posted: Mon, 04/04/2016 - 21:17

Thought you'd be interested to know that there's a meeting at the end of this month to declare the final dividend for Landsbanki Guernsey and the total dividend will be 91.56p. Whilst lower than our position, I think the outcome is much better than anticipated during the chaos of 2008.

I suppose it's predictable that Iceland's PM is on the block for the Mossack Fonseca scandal. They're all on a drug called money...

Many thanks to you all for your support over the years.

Best wishes

Ian

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To Ianw

  • Gordon 45
  • 22/10/08 n/a (free)
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  • Mon, 11/04/2016 - 14:41

Hi Ian,

Like Anrigaut, Just want to thank you for your two updates on Landsbanki Guernsey. I have not followed their data at all, so interesting to see their final position and the amount involved.

Like Anrigaut, I also feel that your last para will be the same for KSFIOM, but only time will tell.

We now await our next quarterly report - due out shortly, to see if anything of substance has occured over the past three months.

Once again, thank you,

Gordon 45


Hi Gordon, Glad you found the

  • ianw
  • 14/10/08 n/a (free)
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  • Tue, 12/04/2016 - 08:29

Hi Gordon,

Glad you found the metrics interesting. My thanks to you, Anrigaut and everyone for your support over the years. Seems a long time since I persuaded my MP Sir John Butterfill to table questions in the House regarding KSFIOM. Butterfill was forced to repay money in the expenses scandal and unmasked in the cash for questions saga... So much for the "Rt Hon Sir John"....

I'm sure you and Anrigaut will be right regarding the almost complete lack of accountability for what happened to KSFIOM. It's been a massive cover-up with regulators diving for cover everywhere. Well, maybe a few people in Iceland have been dealt with, but many others will have walked away. There just seems no limit to the fraud by the "financial community". LIBOR rigging, out-of-control insider trading; there's no end to it. Everyone has their snout in the trough and it's all so "politically acceptable"... I've no doubt London remains the money laundering capital of the world whilst Britain is increasingly owned by the rest of the world.

Best wishes

Ian


Could not agree more Ian. And

  • sambururob
  • 10/10/08 n/a (free)
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  • Thu, 14/04/2016 - 10:02

Could not agree more Ian. And this government are there to represent the interests of the financial community that coincides with their own. This whole episode teaches you one thing - no one in power cares about ordinary people.


Numbers that may be of

  • ianw
  • 14/10/08 n/a (free)
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  • Mon, 11/04/2016 - 08:12

Numbers that may be of interest for benchmarking Landsbanki Guernsey against KSFIOM:

Number of depositors: 1,500
Amount owed to depositors: £122 million
Amount returned to depositors: 91.56%
Costs of administration / liquidation £6.9 million or 5.7% of amount owed to depositors

In the "Final Report" it is detailed that Deloitte who were the administrators considered legal action against the Guernsey Financial Services Commission (GFSC), the UK Financial Services Authority, the Guernsey and UK Governments and the directors of the Company. No action was taken against any of these bodies and Deloitte disclose the "Informal Creditors Committee of the Company" whilst eventually supporting Deloitte's position, had mixed views regarding Deloitte's stance. As far as I'm aware, no regulatory body has been held to account for the failure of Landsbanki Guernsey.

Best wishes

Ian


Thanks Ian for that

  • anrigaut
  • 19/10/08 30/10/09
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  • Mon, 11/04/2016 - 13:04

Thanks Ian for that information. I have not followed the LG story recently, but had thought they were in a much worse position than KSFIOM. So, while they have done less well than we have, it's good to see they did as well as they did.

Re your final paragraph, I suspect something similar will turn out to be the case with KSFIOM. But we shall see ...