MUST SEE!!! - KSF INTERNAL REPORT OF WHERE YOUR MONEY WENT

  • thefish
  • 03/08/09 31/05/09
  • not a depositor
  • Offline
Posted: Mon, 03/08/2009 - 08:10

Hi All,

I'm not a depositor, just an interested party and a helpful soul who spends too much time on the web.

Please follow the link below, it's a recently obtained copy of an internal KSF report. It's an exposure risk analysis of the loans made by the KSF to 205 companies owing more than EUR45M. Obtained by Wikileaks.

This was due to be released into the public domain until KSF brought out injunctions against Iceland's national braodcaster 5 mins before the 7 'o' clock news where this was to be shown.

It's a little dry (as bank reports often are) but you may find it useful to your cause. Print and keep whilst it's still available.

Moderators - This is a link only - Wikileaks hosts this document and do so for the benefit of everyone. Big thanks to them. Their brilliant and tireless work helps us all.

http://wikileaks.org/wiki/Financial_collapse:_Confidential_exposure_anal...

Interesting reading - Good luck to you all and remember - The ultimate goal of every bank is to see you in debt.

This will be a one time post from a one time e-mail

The Fish

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Comments from Iceland...

  • dawes
  • 24/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 04/08/2009 - 13:42

"Some people are doing an excellent job at processing the information in the WikiLeaks article - including the excellent Dagblaðið NEI. It points out, among other things, that Kaupthing, which at the time of its privatization in the early part of this decade was estimated to be worth ISK 20 billion [USD 159 million], loaned its TEN LARGEST CLIENTS a grand total of ISK 1,500 billion [yes, you read that right] in the subsequent few years that it operated as a private banking institution. (Edit, at the time that was about 25BILLION Euros)

Many of the largest recipients of loans from Kaupthing were shareholders in the bank, while the collateral for the loan were shares in the bank itself. [And if you're like me, this is the point where you're tempted to stop reading because the mind starts turning somersaults. Is it any wonder they need a team of highly-specialized experts to unravel all the endless knots and tangles in this sorry scenario? This is only the beginning!]"

http://icelandweatherreport.com/


Police?

  • steveservaes
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 04/08/2009 - 14:13

OK - it seems like the Kaupthing group was a big fraud - like Madoff.
Would it be appropriate to inform the IOM police and suggest they interview the directors of the KSFIOM Bank, to discover what they knew about Group activities?


SFO already looking into it.

  • dawes
  • 24/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 04/08/2009 - 21:53

SFO intensifies Icelandic banking inquiry after Kaupthing leak

The Serious Fraud Office is gathering extensive intelligence on the Icelandic banks in the aftermath of last autumn's crash that left thousands of UK institutions nursing millions of pounds of losses.

The SFO's team has intensified its inquiries following the leak of Kaupthing's loan book on to an internet site, Wikileaks.org, over the weekend, according to sources,

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5973630...


Hear hear, I agree with Steve

  • peter and louise
  • 18/10/08 01/09/09
  • a depositor
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  • Tue, 04/08/2009 - 16:37

Hear hear, I agree with Steve that perhaps the time has come for Police involvement..


Any port in a storm

  • Wanda
  • 12/10/08 31/08/09
  • a depositor
  • Offline
  • Tue, 04/08/2009 - 16:03

Thanks to conned's "Don't Bank on the IoM" video and the ripple effect from that, the Global Integrity Task Force in Washington D.C. are sitting up and taking notice of the events that are now unfolding. Can this latest revelation of dodgy dealings by KSFIOM's directors be put under the noses of the Task Force? I resent that my hard earned savings were purloined by these immoral fat cats and that they are still enjoying a luxurious lifestyle while I scratch a living earning a pittance.


Thank-you "The fish".

  • follow_the_tao
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 03/08/2009 - 10:08

What's right is right. I think we might catch a fish this way,


KSF Internal Report of where your money went

  • barrona
  • 17/11/08 31/05/09
  • a depositor
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  • Mon, 03/08/2009 - 08:32

Surely this report will provide good ammunition to DAG /DST and our lawyers?


Action by liquidator

  • steveservaes
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 03/08/2009 - 11:14

It is reported on this point elsewhere that just prior to the K hf collapse it gave out loans of about 1 billion a time to: Robert Tchenguiz, the 2 founders of the bank, companies controlled by them, etc.
The argument would be that these were not "proper" loans - in the Bank's interest - but just a means of expropriating the bank's cash prior to its demise. It would not then be difficult for the recipients to hide the money in certain jurisdictions, should they wish.
Under English law, it would be the liquidator's job to enquire into whether these loans were legal (ie in the bank's interest) and if not, seek to argue that they were made in breach of the duties of the directors, and, assuming the recipients knew this, recover the money as held by them on constructive trust for the bank.
This should bring about 5-6 billion Euros back into HF.
Now what Simbo should be doing is enquiring of K HF what actions are being taken by the Resolution Committee to achieve this.
If the Committee is not doing what it should, then appropriate diplomatic pressure should be sought.
If the Icelandic government will not take appropriate action to apply its own laws, in order to protect its own high-rollers, then IOM Govt should be screaming at HMG to do its constituional duty.
This all assumes that Icelandic law is similar to UK - they may not have any concept of trust law for instance, but one would hope that the bank would not be without a valuable remedy in the case - if it was the case- that the bank's directors simply decided to give away the bank's money to their pals.


The comment by steveservaes

  • barrona
  • 17/11/08 31/05/09
  • a depositor
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  • Mon, 03/08/2009 - 11:39

The comment by steveservaes deserves to be thoroughly investigated by the CC, DAG & DST to make sure that Simpson is doing what he is being highly paid to do.

As these loans were made by Khf, it would seem on the face of it that they were in breach of sound banking practice and strenuous attempts should be made by the Icelandic government for the return of the loans advanced.

Any failure on their part to do so, must be reported by the IOM govt to the UK govt for them to take the appropriate action.

The loans previously made to Iceland by the IMF and various EU countries I believe, were conditional on the funds being utilized to repay depositors. Nowhere have I seen that this will include IoM depositors.

Iceland's application to join the EU should also be vetoed until all depositors have been repaid. I believe that the UK and Netherlands govts have already insisted on this stipulation.


The EU application is a

  • Bromley86
  • 27/05/09 31/05/09
  • not a depositor
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  • Mon, 03/08/2009 - 13:45

The EU application is a sideshow, not least because a probable majority of the Icelandic population and the party ahead in the polls really don't want to join.

The IMF/Nordic loans are conditional (unofficially) on an agreement on Icesave being reached with the UK and the Netherlands. Apparently the IMF has agreed the second tranche of the loan, but it's pending approval by the executive board. In English, that means that it hasn't been agreed :) . Not coincidentally, the date for that board meeting has not been firmly given, but the rough dates are after the Althingi has reconvened and had a chance to vote on the Icesave Agreements.

I've not seen anywhere any suggestion that the parental guarantee will be treated as anything better than just another creditor of K.hf. Of course, that does make the recovery of any money from these suspect loans directly relevent to KSFIOM depositors, and best of luck with that.


Horrible reading

  • steveservaes
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 03/08/2009 - 14:24

Hmmm
Those Kaupthing hf slides make horrible reading.
Loans of millions and millions (in fact hundreds of millions) of ordinary depositors' savings lent to "Icelandic Raiders" and their pals (like Tchenguiz Khan) to buy leveraged assets, often secured only by shares in - wait for it - the other bust Icelandic banks.
I query when (i) the directors of HF (ii) the directors of Kaupthing UK (anyone know who these were); and (iii) the lovely Docherty, Gelling & Cashen of our own KSFIOM will face some kind of music???
They all seem to have got away absolutely scot free so far - in particular, having seen the HF loan book slides, it is quite clear that by September 2008, when I deposited in "Krappers", Docherty and the other directors of KSFIOM (assuming they were passed any information from "Upstairs" in Iceland) would have known that the PG that lured so many of us, was worth nothing at all.


DICK TURPIN BY ANY OTHER NAME. KSFIOM

  • conned
  • 13/10/08 n/a (free)
  • a depositor
  • Offline
  • Mon, 03/08/2009 - 15:32

'So, while I have a gun at your head, I may as well have your cash, your back teeth and I don't suppose you will be needing your skin anymore. Might make a lampshade or something useful.'


555555555555555

  • margaretta
  • 22/11/08 31/05/09
  • a depositor
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  • Mon, 03/08/2009 - 18:18

That would be a green lampshade right? 55555555555555555 (that's Thai for LOL).

Thanks for getting people motivated conned. This youtube could fly if enough people can just be bothered.