The New Petition Thread - No comments please, just re-writes of the petition

  • Diver
  • 11/10/08 31/05/09
  • a depositor
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Posted: Thu, 16/10/2008 - 13:20

PETITION
We the undersigned, depositors in Kaupthing Singer & Friedlander (IOM) Ltd, contend that the governments of the United Kingdom, The Isle of Man and Iceland have acted illegally, unfairly and in a discriminatory manner towards depositors in said bank in that:
1. The UK government’s actions in freezing Icelandic assets in the UK directly led to the failure and subsequent administration Kaupthing Singer & Friedlander UK (KSF UK) which up to then had been a solvent and liquid entity. This entity held significant assets belonging to Kaupthing Singer & Friedlander Isle of Man (KSF IoM) in the form of an intercompany loan. The UK government’s actions therefore prevented KSF IoM form accessing funds that were rightfully its and, as a result, from discharging its obligations to depositors resulting in the bank’s license being suspended and a provisional liquidator being appointed.
2. The UK government has trumpeted its plans to ‘guarantee all savings’ whilst failing to truly do so. UK taxpayer funds are, rightly, being used to bail out numerous financial institutions on the mainland whilst those offshore are afforded no such favour. The result of this is that there are UK taxpayers who have contributed to the pool of funds now being used to guarantee onshore savings whilst they themselves are left to fend for themselves.
3. The Isle of Man is a Crown Dependency, with Her Majesty the Queen as Head of State and is part of the British Isles, yet British Citizens holding British passports, who banked with KSF IoM have been treated in a different and unfair manner to those banking with KSF UK.
4. The UK government and the UK Inland Revenue have enforced laws to obtain records of British nationals who bank with Kaupthing Singer & Friedlander for the purpose of collecting taxes. The UK government has failed to protect the assets of the same depositors.
5. The Isle of Man government has failed to act in accordance with the governments around the world to protect the interests of depositors in the Isle of Man.
6. The Isle of Man government has failed to safeguard the Island’s reputation and credibility as a secure, safe jurisdiction for bank deposits.
7. The government of Iceland, having nationalised Kaupthing Hf, has failed in its duty to honour the parental guarantee issued by the bank to depositors in KSF IoM.
8. The government of Iceland has guaranteed 100% of all its own national depositors’ savings but has deliberately chosen to exclude depositors in overseas branches and subsidiaries of Icelandic banks including KSF IoM. This is the equivalent of placing a ranking system on all unsecured creditors which, by law, are all ranked equally. A possible result of this is that KSF IoM funds are used to fund the bail out of Iceland’s domestic banking system whilst leaving KSF IoM depositors destitute.

  1. It appears that the Prime Minister of Iceland, deliberately misled depositors in Kaupthing Hf, its subsidiaries (of which KSF IoM is one) and the international press, by stating that the bank was, to his knowledge, not in difficulties. The fact that the same Prime Minister nationalised Kaupthing Hf the next day would strongly indicate otherwise.

The above points lead us, as depositors in Kaupthing Singer & Friedlander Isle of Man, to the following conclusions:

• The rash and ill advised actions of both the UK and Icelandic governments have resulted in the loss of millions of pounds to depositors in KSF IoM.
• It is the duty of the UK government as both catalyst for our losses and as the government responsible for the foreign affairs of the Isle of Man to protect and guarantee or interests.
• The Isle of Man Depositors Compensation Scheme is discriminatory as it, according to the islands regulators, excludes small businesses from claiming compensation, resulting in 100% losses for depositors.
We, the undersigned depositors in Kaupthing Singer & Friedlander Isle of Man, therefore demand the following:
1. That the UK government instructs the administrators of KSF UK to release all assets belonging to KSF IoM in order that it may seek to resume its operations.
2. That the Isle of Man government immediately reinstates KSF IoM’s banking license to enable it to resume its operations.
3. That the UK government, in conjunction with the IoM government implement the same 100% guarantee for all depositors money in KSF IoM as has been afforded to other KSF depositors.
4. That the Icelandic government, as primary stakeholder and controller of Kaupthing Hf, acknowledges its duty to honour the parental guarantee given by Kaupthing Hf to all KSF IoM depositors.

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malc -- no probs (KE IoM)

  • skintagainnow
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 18:14

anything you need me to do


Petition

  • malc
  • 11/10/08 31/05/09
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  • Thu, 16/10/2008 - 18:21

Skintagainnow,

I'm sure I've seen something about KE IoM on this site, re its status as a company or brand, but I can't find it.

I think the main thing we need is to contact NG re putting a 'petition signup' button on the home page. I've sent a few posts but I guess he's pretty busy.

Need a decision whether we wait and see or we continue to get people to signup via the email address I set up earlier. Not ideal, but it is working, just need more to signup.

If we can finalise the draft today, then Driver, Expat & sleeplessnight can arrange to get it into the right hands, with as many people turning up as possible.

I've put all the media contacts I've scrapped off the site into a spreadsheet but don't know how to post onto the site so we have a central contact database that can be kept uptodate......any ideas?

malc


malc

  • skintagainnow
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 18:28

Ng told the other day set a new topic and should be straight upload into it - he did say he'd not tried it ???

With respect to Edge everyyhing I have states Kaupthing Edge IoM website was Kaupthingedge.co.im I don't know & very few others appear to be from Edge IoM here
Lets get it up and tack it from there..


KE IoM

  • malc
  • 11/10/08 31/05/09
  • a depositor
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  • Thu, 16/10/2008 - 18:36

skintagainnow

Found this re KE

Kaupthing Edge

Kaupthing Edge was a pan-European retail deposit taking brand. The purpose of the brand was to diversify liabilities on the Kaupthing balance sheet by currency, customer type (personal/retail) and country. Kaupthing Edge offered two deposit products: a savings account and a fixed term deposit account. Both were straightforward high-interest products. In Belgium customers could choose a third product which was a current account. Kaupthing Edge savings and fixed term deposit accounts were managed over the Internet with the support of telephony call centres.


malc

  • skintagainnow
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 18:46

thx - that probably explains why when we opened 2 accounts 1 went to KE UK and the other to :-) with the ******* money in it went to KE IOM typical - have to say wish it gone the other way :-) no offence


KE IoM

  • malc
  • 11/10/08 31/05/09
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  • Thu, 16/10/2008 - 18:50

skintagainnow,

are we agreed its best to leave KE out for sake of correctness?

Does this have any impact on the press release, which i think uses KE too??
malc


Kaupthing Edge

  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
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  • Thu, 16/10/2008 - 19:32

For what it's worth:

I have a letter from Kaupthing edge
At the bottom is stated:

"Kaupthing Edge is a trading name of Kaupthing Singer & Friedlander (isle of Man ) Ltd."


KE IoM

  • malc
  • 11/10/08 31/05/09
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  • Thu, 16/10/2008 - 19:35

mikeinfrance
This would certainly confirm what i've managed to find out.
malc


UK mortgage business

  • mikeinfrance
  • 12/10/08 28/09/09
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  • Thu, 16/10/2008 - 19:48

Just noticed that also witten at the bottom ot the letter is:

"Authorised and regulated by the Financial Services Authority for UK mortgage business"

I don't know much about banking but thought this might be of some significance! I assume from this that our funds provide morgages for UK mainland house buyers.


malc KE IoM

  • skintagainnow
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 19:00

Ok agreed - I don't think it should matter on the press release KE IoM was run on the Island as that.. but I will someone need some expalination of my post of this morning. - if KE UK was a seperate body and KE is a pan european brand operating in all countries - should I not have come under the UK - and why was it pushed out to the IoM as with the 2 nd account?


KSF IOM & KE IOM

  • mikepapa
  • 10/10/08 n/a (free)
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  • Thu, 16/10/2008 - 19:28

malc and skintagainnow

I had accounts on IOM with both KSF and Kaupthing Edge. There was slightly higher rates available from KEDGE rather than KSF - however, as far as I am aware, both are/were owned by Kaupthing Hf


KE IoM

  • malc
  • 11/10/08 31/05/09
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  • Thu, 16/10/2008 - 19:31

mikepapa,

have a look at my earlier post re KE IoM only being a brand name not an actual company.

malc


KE IoM

  • malc
  • 11/10/08 31/05/09
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  • Thu, 16/10/2008 - 19:30

mikepapa,

have a look at my earlier post re KE IoM only being a brand name not an actual company.

malc


Sorry to be a pain, but from

  • go mann
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 17:45

Sorry to be a pain, but from many [too many years] working in Whitehall I have to say that "ad hominem" and emotive terminology such as:

"trumpeted"
"rash and ill-advised"

... will NOT carry weight in correspondence. You are consigning such letters to the famous "Bin 13". I urge drafters of such correspondence to be "Clear, Concise and Correct" and use moderate language. Place yourself in the position of the recipient, and envisage yourself being accused in such perjorative terms. That is SERIOUS advice.

Sorry to be a boring old sod, but I'm a Graduate of a Service Staff college, achieved a reasonably decent rank, wrote Briefs for Secretary of State and Service Chiefs ... and spent virtually half my career dealing in the Whitehall World. Going head to head will NOT achieve the objective ... we are all spitting venom at the keyboard [with much justification] but remember ... "Shouting at your Builder can result in him walking off the job". And I'm being absolutely serious. Be VERY careful with the language used, and remember Jim Hacker and Sir Humphrey Appleby are NOT works of fiction.


Petition changes

  • malc
  • 11/10/08 31/05/09
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  • Thu, 16/10/2008 - 18:02

go mann,

can you use the V6 revision for making your changes. It turns out the KE IoM was in fact a brand name not a company. All references on the KSF site are only to KSF.

malc


borrocks ... did I use the

  • go mann
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 18:28

borrocks ... did I use the wrong one? Sorry, 21 hours on my feet yesterday, 3 hours sleep and another long day today. Having difficulty keeping up, but I think you can see what I meant by the amendment. A couple of words can swing an entire thing from an appeal to abuse ... ;-)


V6

  • malc
  • 11/10/08 31/05/09
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  • Thu, 16/10/2008 - 18:33

go mann,

don't worry the V6 hasn't changed a great deal, just one or two spellings etc. If you can post your suggested changes i'll make sure V7 comes out soon ;-)

malc


You have control ... my brain

  • go mann
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 18:48

You have control ... my brain is temporarily dysfunctional!

It was a touch of capitalisation and punctuation, and a VERY slight softening of tone - would you be so kind?


Petition changes

  • malc
  • 11/10/08 31/05/09
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  • Thu, 16/10/2008 - 17:58

go mann

Can you change the wording to something more appropriate?

malc


Advice

  • Diver
  • 11/10/08 31/05/09
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  • Thu, 16/10/2008 - 17:50

Probably good advice....could you re-draft this please?


if I can ever find this post

  • go mann
  • 10/10/08 31/05/09
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  • Thu, 16/10/2008 - 18:22

if I can ever find this post again in 20 minutes, I would offer a couple of changes ;-)

OK ... try this, with minimal changes but avoiding, as far as possible, ad hominems ... although I still have some difficulty with the disrespect to the IoM at paras 5 & 6. I am less sensitive about the Icelandic Government [note capitalisation of Government throughout - they can be sensitive about such things!].

PETITION

We the undersigned, depositors in Kaupthing Singer & Friedlander (IoM) Ltd, contend that the Governments of the United Kingdom, The Isle of Man and Iceland have acted illegally, unfairly and in a discriminatory manner towards depositors in said bank in that:
1. The UK Government’s actions in freezing Icelandic assets in the UK directly led to the failure and subsequent administration of Kaupthing Singer & Friedlander UK (KSF UK) which up to then had been a solvent and liquid entity. This entity held significant assets belonging to KSF IoM in the form of an intercompany loan. The UK Government’s actions therefore prevented KSF IoM form accessing funds that were rightfully its own and, as a result, from discharging its obligations to depositors resulting in the bank’s license being suspended and a provisional liquidator being appointed.
2. The UK Government has declared plans to ‘guarantee all savings’ whilst failing to do so in certain cases. UK taxpayer funds are, rightly, being used to support numerous financial institutions on the UK mainland: however, those institutions offshore in Crown Dependencies are excluded. The result of this is that there are UK taxpayers, who have contributed to the pool of funds now being used to guarantee onshore savings, are left without support from the Government they support financially through taxation.

3. The Isle of Man is a Crown Dependency, with Her Majesty the Queen as Head of State, and is part of the British Isles: yet British Citizens holding British passports, who banked with KSF IoM, have been treated in a different and apparently unfair manner to those banking with KSF UK.

4. The UK Government and the UK Inland Revenue have enforced laws to obtain records of British nationals who bank with KSF for the purpose of collecting taxes. The UK Government has, however, failed to protect the assets of the same depositors.

5. The Isle of Man Government has failed to act in parallel with Governments around the world to protect the interests of depositors in the Isle of Man.

6. The Isle of Man Government has failed to safeguard the Island’s reputation and credibility as a secure, safe jurisdiction for bank deposits.
7. The Government of Iceland, having nationalised Kaupthing Hf, has failed in its duty to honour the parental guarantee issued by the bank to depositors in KSF IoM.

8. The Government of Iceland has guaranteed 100% of all its own national depositors’ savings but has apparently deliberately chosen to exclude depositors in overseas branches and subsidiaries of Icelandic banks including KSF IoM. This is the equivalent of placing a ranking system on all unsecured creditors which, by law, are all ranked equally. A possible result of this is that KSF IoM funds are used to fund the support of Iceland’s domestic banking system, whilst leaving KSF IoM depositors destitute.

It appears that the Prime Minister of Iceland has also misled depositors in Kaupthing Hf, its subsidiaries (of which KSF IoM is one) and the International press, by stating that the bank was, to his knowledge, not in difficulties. The fact that the same Prime Minister nationalised Kaupthing Hf the next day would strongly indicate otherwise.

The above points lead us, as depositors in Kaupthing Singer & Friedlander Isle of Man, to the following conclusions:
• The recent actions of both the UK and Icelandic Governments have resulted in the loss of millions of pounds to depositors in KSF IoM.

• It is the duty of the UK Government, as both catalyst for our losses and as the government responsible for the foreign affairs of the Isle of Man, to protect and guarantee our interests.


• The Isle of Man Depositors Compensation Scheme is discriminatory as it, according to the Island’s regulators, excludes small businesses from claiming compensation, resulting in 100% losses for those depositors.


We, the undersigned depositors in Kaupthing Singer & Friedlander Isle of Man, therefore request the following:


  1. That the UK Government requires the administrators of KSF UK to release all assets belonging to KSF IoM, in order that it may seek to resume its normal operations.

  2. That the Isle of Man Government, without undue delay, reinstates KSF IoM’s banking license to enable it to resume its operations.

  3. That the UK Government, in conjunction with the IoM Government, implements the same 100% guarantee for all depositors money in KSF IoM as has been afforded to other KSF depositors.

  4. That the Icelandic Government, as primary stakeholder and controller of Kaupthing Hf, acknowledges its duty to honour the parental guarantee given by


petition

  • malc
  • 11/10/08 31/05/09
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  • Thu, 16/10/2008 - 18:57

go mann,

apologies our posts crossed....

hang on while I go through the changes you made with the ones i've just made, and I'll repost as the latest version

malc


latest version?

  • mikepapa
  • 10/10/08 n/a (free)
  • a depositor
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  • Thu, 16/10/2008 - 18:53

go mann

Thank you for your earlier sound advice and subsequent edit removing aggresive language.

diver,

This looks ok how can you get it marked as latest veresion plse?

Cheers


Let me take a look

  • Diver
  • 11/10/08 31/05/09
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  • Thu, 16/10/2008 - 18:55

Have been off on a break...will look at it now


Petition V5 Point 4

  • Cyclist
  • 16/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 16/10/2008 - 17:24

Re: If depositors can be taxed directly by the UK government in the Isle of Man then surely they can be protected directly as well.

I think 'should' or 'must' would be better than 'can'!


Petition V5 Point 4

  • malc
  • 11/10/08 31/05/09
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  • Thu, 16/10/2008 - 17:28

prefer 'should'

malc


Petition V5 - point 4 has changed

  • Diver
  • 11/10/08 31/05/09
  • a depositor
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  • Thu, 16/10/2008 - 17:14

We the undersigned, depositors in Kaupthing Singer & Friedlander (IOM) Ltd, contend that the governments of the United Kingdom, The Isle of Man and Iceland have acted irresponsibly, unfairly and in a discriminatory manner towards depositors in said bank in that:

  1. The UK government’s actions in freezing Icelandic assets in the UK directly led to the failure and subsequent administration Kaupthing Singer & Friedlander UK (KSF UK) which up to then had been a solvent and liquid entity. This entity held significant assets belonging to Kaupthing Singer & Friedlander Isle of Man (KSF IoM) in the form of an intercompany loan. The UK government’s actions therefore prevented KSF IoM form accessing funds that were rightfully its and, as a result, from discharging its obligations to depositors resulting in the bank’s license being suspended and a provisional liquidator being appointed.

  2. The UK government has trumpeted its plans to ‘guarantee all savings’ whilst failing to truly do so. UK taxpayer funds are, rightly, being used to bail out numerous financial institutions on the mainland whilst those offshore are afforded no such favour. The result of this is that there are UK taxpayers who have contributed to the pool of funds now being used to guarantee onshore savings whilst they themselves are left to fend for themselves.

  3. The Isle of Man is a Crown Dependency, with Her Majesty the Queen as Head of State and is part of the British Isles, yet British Citizens holding British passports, who banked with KSF IoM have been treated in a different and unfair manner to those banking with KSF UK.

  4. The UK government and Her Majesty’s Revenue & Customs have, for a number of years, used European Union laws to obtain records of British nationals who bank offshore as well as to subject the same nationals to a withholding tax. It is galling to depositors that the same government that invokes EU legislation to suit its own ends when it comes to financial affairs in the Isle of Man is now attempting to distance itself from any involvement in this time of crisis. If depositors can be taxed directly by the UK government in the Isle of Man then surely they can be protected directly as well.

  5. The Isle of Man government has failed to act in accordance with the governments around the world to protect the interests of depositors in the Isle of Man.

  6. The Isle of Man government has failed to safeguard the Island’s reputation and credibility as a secure, safe jurisdiction for bank deposits.

  7. The government of Iceland, having nationalised Kaupthing Hf, has failed in its duty to honour the parental guarantee issued by the bank to depositors in KSF IoM.

  8. The government of Iceland has guaranteed 100% of all its own national depositors’ savings but has deliberately chosen to exclude depositors in overseas branches and subsidiaries of Icelandic banks including KSF IoM. This is the equivalent of placing a ranking system on all unsecured creditors which, by law, are all ranked equally. A possible result of this is that KSF IoM funds are used to fund the bail out of Iceland’s domestic banking system whilst leaving KSF IoM depositors destitute.

  9. It appears that the Prime Minister of Iceland, deliberately misled depositors in Kaupthing Hf, its subsidiaries (of which KSF IoM is one) and the international press, by stating that the bank was, to his knowledge, not in difficulties. The fact that the same Prime Minister nationalised Kaupthing Hf the next day would strongly indicate otherwise.

The above points lead us, as depositors in Kaupthing Singer & Friedlander Isle of Man, to the following conclusions:

• The rash and ill advised actions of both the UK and Icelandic governments have resulted in the loss of millions of pounds to depositors in KSF IoM.
• It is the duty of the UK government as both catalyst for our losses and as the government responsible for the foreign affairs of the Isle of Man to protect and guarantee or interests.
• The Isle of Man Depositors Compensation Scheme is discriminatory as it, according to the islands regulators, excludes small businesses from claiming compensation, resulting in 100% losses for depositors.

We, the undersigned depositors in Kaupthing Singer & Friedlander Isle of Man, therefore demand the following:

  1. That the Prime Minister confirms in a statement that UK Government is seeking the return of 100% of all deposits held within KSF IoM and considers that to be the only satisfactory outcome.

  2. That the UK government instructs the administrators of KSF UK to release all assets belonging to KSF IoM in order that it may seek to resume its operations.

  3. That the Isle of Man government immediately reinstates KSF IoM’s banking license to enable it to resume its operations.

  4. That the UK government, in conjunction with the IoM government implement the same 100% guarantee for all depositors money in KSF IoM as has been afforded to other KSF depositors.

  5. That the Icelandic government, as primary stakeholder and controller of Kaupthing Hf, acknowledges its duty to honour the parental guarantee given by Kaupthing Hf to all KSF IoM depositors.

  6. That the Icelandic government ensures that any entity taking control of Kaupthing Hf or any new entity arising out of the assets of Kaupthing Hf is required to honour the original guarantee given to depositors of KSF IoM by Kaupthing Hf.


added KE IoM

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 16/10/2008 - 17:42

Petition V5 - point 4 has changed added KE
We the undersigned, depositors in Kaupthing Singer & Friedlander (IOM) Ltd, Kaupthing Edge (IOM) Ltdcontend that the governments of the United Kingdom, The Isle of Man and Iceland have acted irresponsibly, unfairly and in a discriminatory manner towards depositors in said bank in that:

The UK government’s actions in freezing Icelandic assets in the UK directly led to the failure and subsequent administration Kaupthing Singer & Friedlander UK (KSF UK), Kaupthing Edge (KE UK) which up to then had been a solvent and liquid entity. These entities held significant assets belonging to Kaupthing Singer & Friedlander Isle of Man (KSF IoM) & Kaupthing Edge (KE IOM) in the form of an intercompany loan. The UK government’s actions therefore prevented KSF IoM & KE IoM form accessing funds that were rightfully its and, as a result, from discharging its obligations to depositors resulting in the bank’s license being suspended and a provisional liquidator being appointed.
The UK government has trumpeted its plans to ‘guarantee all savings’ whilst failing to truly do so. UK taxpayer funds are, rightly, being used to bail out numerous financial institutions on the mainland whilst those offshore are afforded no such favour. The result of this is that there are UK taxpayers who have contributed to the pool of funds now being used to guarantee onshore savings whilst they themselves are left to fend for themselves.
The Isle of Man is a Crown Dependency, with Her Majesty the Queen as Head of State and is part of the British Isles, yet British Citizens holding British passports, who banked with KSF IoM & KE IoM have been treated in a different and unfair manner to those banking with KSF UK & KE UK
The UK government and Her Majesty’s Revenue & Customs have, for a number of years, used European Union laws to obtain records of British nationals who bank offshore as well as to subject the same nationals to a withholding tax. It is galling to depositors that the same government that invokes EU legislation to suit its own ends when it comes to financial affairs in the Isle of Man is now attempting to distance itself from any involvement in this time of crisis. If depositors can be taxed directly by the UK government in the Isle of Man then surely they can be protected directly as well.
The Isle of Man government has failed to act in accordance with the governments around the world to protect the interests of depositors in the Isle of Man.
The Isle of Man government has failed to safeguard the Island’s reputation and credibility as a secure, safe jurisdiction for bank deposits.
The government of Iceland, having nationalised Kaupthing Hf, has failed in its duty to honour the parental guarantee issued by the bank to depositors in KSF IoM & KE IoM
The government of Iceland has guaranteed 100% of all its own national depositors’ savings but has deliberately chosen to exclude depositors in overseas branches and subsidiaries of Icelandic banks including KSF IoM & KE IoM. This is the equivalent of placing a ranking system on all unsecured creditors which, by law, are all ranked equally. A possible result of this is that KSF IoM & KE IoM funds are used to fund the bail out of Iceland’s domestic banking system whilst leaving KSF IoM & KE IoM depositors destitute.
It appears that the Prime Minister of Iceland, deliberately misled depositors in Kaupthing Hf, its subsidiaries (of which KSF IoM & KE IoM are included) and the international press, by stating that the bank was, to his knowledge, not in difficulties. The fact that the same Prime Minister nationalised Kaupthing Hf the next day would strongly indicate otherwise.
The above points lead us, as depositors in Kaupthing Singer & Friedlander Isle of Man & Kaupthing Edge IoM, to the following conclusions:

• The rash and ill advised actions of both the UK and Icelandic governments have resulted in the loss of millions of pounds to depositors in KSF IoM & KE IoM.
• It is the duty of the UK government as both catalyst for our losses and as the government responsible for the foreign affairs of the Isle of Man to protect and guarantee or interests.
• The Isle of Man Depositors Compensation Scheme is discriminatory as it, according to the islands regulators, excludes small businesses from claiming compensation, resulting in 100% losses for depositors.

We, the undersigned depositors in Kaupthing Singer & Friedlander Isle of Man & Kaupthing Edge Isle of Man, therefore demand the following:

That the Prime Minister confirms in a statement that UK Government is seeking the return of 100% of all deposits held within KSF IoM & KE IoM and considers that to be the only satisfactory outcome.
That the UK government instructs the administrators of KSF UK & KE UK to release all assets belonging to KSF IoM & KE IoM in order that it may seek to resume its operations.
That the Isle of Man government immediately reinstates KSF IoM’s & KE IoM's banking license to enable it to resume its operations.
That the UK government, in conjunction with the IoM government implement the same 100% guarantee for all depositors money in KSF IoM & KE IoM as has been afforded to other KSF depositors.
That the Icelandic government, as primary stakeholder and controller of Kaupthing Hf, acknowledges its duty to honour the parental guarantee given by Kaupthing Hf to all KSF IoM & KE IoM depositors.
That the Icelandic government ensures that any entity taking control of Kaupthing Hf or any new entity arising out of the assets of Kaupthing Hf is required to honour the original guarantee given to depositors of KSF IoM & KE IoM by Kaupthing Hf.


Kaupthing Edge (IOM) Ltd

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 16/10/2008 - 17:54

There was no Kaupthing Edge (IOM) Ltd - it was a brand name under KSF (IOM) Ltd, not a separate company.


KSF & KE IoM

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 16/10/2008 - 17:20

KSF & KE IoM

Kaupthing Edge IoM


Petition

  • malc
  • 11/10/08 31/05/09
  • a depositor
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  • Thu, 16/10/2008 - 17:26

Diver, skintagainow

correct petition needs to include both KSF IOM and KE IOM

malc


Petition V5

  • malc
  • 11/10/08 31/05/09
  • a depositor
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  • Thu, 16/10/2008 - 17:19

I think that should cover it...

malc


Petition v4

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 16:35

We the undersigned, depositors in Kaupthing Singer & Friedlander (IOM) Ltd, contend that the governments of the United Kingdom, The Isle of Man and Iceland have acted irresponsibly, unfairly and in a discriminatory manner towards depositors in said bank in that:

  1. The UK government’s actions in freezing Icelandic assets in the UK directly led to the failure and subsequent administration Kaupthing Singer & Friedlander UK (KSF UK) which up to then had been a solvent and liquid entity. This entity held significant assets belonging to Kaupthing Singer & Friedlander Isle of Man (KSF IoM) in the form of an intercompany loan. The UK government’s actions therefore prevented KSF IoM form accessing funds that were rightfully its and, as a result, from discharging its obligations to depositors resulting in the bank’s license being suspended and a provisional liquidator being appointed.

  2. The UK government has trumpeted its plans to ‘guarantee all savings’ whilst failing to truly do so. UK taxpayer funds are, rightly, being used to bail out numerous financial institutions on the mainland whilst those offshore are afforded no such favour. The result of this is that there are UK taxpayers who have contributed to the pool of funds now being used to guarantee onshore savings whilst they themselves are left to fend for themselves.

  3. The Isle of Man is a Crown Dependency, with Her Majesty the Queen as Head of State and is part of the British Isles, yet British Citizens holding British passports, who banked with KSF IoM have been treated in a different and unfair manner to those banking with KSF UK.

  4. The UK government and the UK Inland Revenue have enforced laws to obtain records of British nationals who bank with Kaupthing Singer & Friedlander for the purpose of collecting taxes. The UK government has failed to protect the assets of the same depositors.

  5. The Isle of Man government has failed to act in accordance with the governments around the world to protect the interests of depositors in the Isle of Man.

  6. The Isle of Man government has failed to safeguard the Island’s reputation and credibility as a secure, safe jurisdiction for bank deposits.

  7. The government of Iceland, having nationalised Kaupthing Hf, has failed in its duty to honour the parental guarantee issued by the bank to depositors in KSF IoM.

  8. The government of Iceland has guaranteed 100% of all its own national depositors’ savings but has deliberately chosen to exclude depositors in overseas branches and subsidiaries of Icelandic banks including KSF IoM. This is the equivalent of placing a ranking system on all unsecured creditors which, by law, are all ranked equally. A possible result of this is that KSF IoM funds are used to fund the bail out of Iceland’s domestic banking system whilst leaving KSF IoM depositors destitute.

  9. It appears that the Prime Minister of Iceland, deliberately misled depositors in Kaupthing Hf, its subsidiaries (of which KSF IoM is one) and the international press, by stating that the bank was, to his knowledge, not in difficulties. The fact that the same Prime Minister nationalised Kaupthing Hf the next day would strongly indicate otherwise.
    The above points lead us, as depositors in Kaupthing Singer & Friedlander Isle of Man, to the following conclusions:

• The rash and ill advised actions of both the UK and Icelandic governments have resulted in the loss of millions of pounds to depositors in KSF IoM.
• It is the duty of the UK government as both catalyst for our losses and as the government responsible for the foreign affairs of the Isle of Man to protect and guarantee or interests.
• The Isle of Man Depositors Compensation Scheme is discriminatory as it, according to the islands regulators, excludes small businesses from claiming compensation, resulting in 100% losses for depositors.

We, the undersigned depositors in Kaupthing Singer & Friedlander Isle of Man, therefore demand the following:

  1. That the Prime Minister confirms in a statement that UK Government is seeking the return of 100% of all deposits held within KSF IoM and considers that to be the only satisfactory outcome.

  2. That the UK government instructs the administrators of KSF UK to release all assets belonging to KSF IoM in order that it may seek to resume its operations.

  3. That the Isle of Man government immediately reinstates KSF IoM’s banking license to enable it to resume its operations.

  4. That the UK government, in conjunction with the IoM government implement the same 100% guarantee for all depositors money in KSF IoM as has been afforded to other KSF depositors.

  5. That the Icelandic government, as primary stakeholder and controller of Kaupthing Hf, acknowledges its duty to honour the parental guarantee given by Kaupthing Hf to all KSF IoM depositors.

  6. That the Icelandic government ensures that any entity taking control of Kaupthing Hf or any new entity arising out of the assets of Kaupthing Hf is required to honour the original guarantee given to depositors of KSF IoM by Kaupthing Hf.


petition V4

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 17:00

missing Kaupthing Edge IoM is that concern or will be covered


Petition V4

  • malc
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 16:44

Diver, thanks for all your help with the redraft, much appreciated.

Sent post to Expat re coordinating efforts in London & IOM.

Sent post to NG re putting a 'sign up to petition' button on the home page but not sure if he has seen it yet.

malc


V4

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 16:49

I think we're nearly there now, although Cyclist did come up with a point that may be worth discussing for inclusion...I quote:

'One of the things that no one seems to have mentioned is that EU residents with accounts on the IoM are subject to a withholding tax under an EU directive. This being the case, if savers and investors in banks such as Kaupthing Singer and Friedlander IOM stand to lose money, surely the UK government which collects the withholding tax levied on UK investors in the bank, cannot just say it is a Manx issue. And I would imagine, the same is true of other
EU countries e.g. France where there are quite a few account-holders and
where the government probably collects the withholding tax.
What do you think? Surely, the EU is involved since it has imposed this directive!'

Thoughts?


Petition V4

  • malc
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 16:55

When you open an offshore bank account, you now have to fill in a form in which you state whether you are resident within the EU or not. I think you then have two options, either disclosure to the inland revenue or a tax levy, which I think is around 15% (can't remember) on the interest earned.

I agree that it is a valid enough point to include. In paragraph 4 this is alluded to. In my particular case as an example, barclays turned over bank details to the inland revenue, without my consent. The purpose was to see if I fell within the EU directive but handed disclosed.

malc


V4

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 16:58

Right...I think I have a way to crowbar it in...V5 will be up soon.


Petition / press release contacts list

  • malc
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 17:02

Expat, Diver

Put the contacts together into excel spreadsheet, any idea how to post onto the site so that it can be updated by everyone???

malc


Petition v3

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 15:16

We the undersigned, depositors in Kaupthing Singer & Friedlander (IOM) Ltd, contend that the governments of the United Kingdom, The Isle of Man and Iceland have acted illegally, unfairly and in a discriminatory manner towards depositors in said bank in that:

  1. The UK government’s actions in freezing Icelandic assets in the UK directly led to the failure and subsequent administration Kaupthing Singer & Friedlander UK (KSF UK) which up to then had been a solvent and liquid entity. This entity held significant assets belonging to Kaupthing Singer & Friedlander Isle of Man (KSF IoM) in the form of an intercompany loan. The UK government’s actions therefore prevented KSF IoM form accessing funds that were rightfully its and, as a result, from discharging its obligations to depositors resulting in the bank’s license being suspended and a provisional liquidator being appointed.

  2. The UK government has trumpeted its plans to ‘guarantee all savings’ whilst failing to truly do so. UK taxpayer funds are, rightly, being used to bail out numerous financial institutions on the mainland whilst those offshore are afforded no such favour. The result of this is that there are UK taxpayers who have contributed to the pool of funds now being used to guarantee onshore savings whilst they themselves are left to fend for themselves.

  3. The Isle of Man is a Crown Dependency, with Her Majesty the Queen as Head of State and is part of the British Isles, yet British Citizens holding British passports, who banked with KSF IoM have been treated in a different and unfair manner to those banking with KSF UK.

  4. The UK government and the UK Inland Revenue have enforced laws to obtain records of British nationals who bank with Kaupthing Singer & Friedlander for the purpose of collecting taxes. The UK government has failed to protect the assets of the same depositors.

  5. The Isle of Man government has failed to act in accordance with the governments around the world to protect the interests of depositors in the Isle of Man.

  6. The Isle of Man government has failed to safeguard the Island’s reputation and credibility as a secure, safe jurisdiction for bank deposits.

  7. The government of Iceland, having nationalised Kaupthing Hf, has failed in its duty to honour the parental guarantee issued by the bank to depositors in KSF IoM.

  8. The government of Iceland has guaranteed 100% of all its own national depositors’ savings but has deliberately chosen to exclude depositors in overseas branches and subsidiaries of Icelandic banks including KSF IoM. This is the equivalent of placing a ranking system on all unsecured creditors which, by law, are all ranked equally. A possible result of this is that KSF IoM funds are used to fund the bail out of Iceland’s domestic banking system whilst leaving KSF IoM depositors destitute.

  9. It appears that the Prime Minister of Iceland, deliberately misled depositors in Kaupthing Hf, its subsidiaries (of which KSF IoM is one) and the international press, by stating that the bank was, to his knowledge, not in difficulties. The fact that the same Prime Minister nationalised Kaupthing Hf the next day would strongly indicate otherwise.

The above points lead us, as depositors in Kaupthing Singer & Friedlander Isle of Man, to the following conclusions:

• The rash and ill advised actions of both the UK and Icelandic governments have resulted in the loss of millions of pounds to depositors in KSF IoM.
• It is the duty of the UK government as both catalyst for our losses and as the government responsible for the foreign affairs of the Isle of Man to protect and guarantee or interests.
• The Isle of Man Depositors Compensation Scheme is discriminatory as it, according to the islands regulators, excludes small businesses from claiming compensation, resulting in 100% losses for depositors.

We, the undersigned depositors in Kaupthing Singer & Friedlander Isle of Man, therefore demand the following:

  1. That the Prime Minister confirms in a statement that UK Government is seeking the return of 100% of all deposits held within KSF IoM and considers that to be the only satisfactory outcome.

  2. That the UK government instructs the administrators of KSF UK to release all assets belonging to KSF IoM in order that it may seek to resume its operations.

  3. That the Isle of Man government immediately reinstates KSF IoM’s banking license to enable it to resume its operations.

  4. That the UK government, in conjunction with the IoM government implement the same 100% guarantee for all depositors money in KSF IoM as has been afforded to other KSF depositors.

  5. That the Icelandic government, as primary stakeholder and controller of Kaupthing Hf, acknowledges its duty to honour the parental guarantee given by Kaupthing Hf to all KSF IoM depositors.

  6. That the Icelandic government ensures that any entity taking control of Kaupthing Hf or any new entity arising out of the assets of Kaupthing Hf is required to honour the original guarantee given to depositors of KSF IoM by Kaupthing Hf.


PETITION - FROM OUR SITE ONLY

  • mikepapa
  • 10/10/08 n/a (free)
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 14:09

Sorry Diver - forced to comment.

Took a look at the lostyoursavings.com site/petition. Being a liitle more than suspicious I am concerned that to sign the site requies e-mail address to verify. This might just be a scam trawling for email addresses.
If there is to be a petition to PM - which which I agree, and ASAP - I fee it should be organised through our own forum here and sent by us.
A] Because we have the numbers
B] To do any other would dilute our efforts/shout


petition

  • malc
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 14:18

mikepapa,

Agreed, I feel it would be better if the other site combined their efforts with ours rather than run something separately. There are concerns over collecting personal data. However, as you can see from the work put into the petition, the purpose of getting names is so they can be printed on the bottom of the petition.

Without names, the petition isn't worth much.

A/B absolutely agree

malc


Petition v2

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 14:05

We the undersigned, depositors in Kaupthing Singer & Friedlander (IOM) Ltd, contend that the governments of the United Kingdom, The Isle of Man and Iceland have acted illegally, unfairly and in a discriminatory manner towards depositors in said bank in that:

  1. The UK government’s actions in freezing Icelandic assets in the UK directly led to the failure and subsequent administration Kaupthing Singer & Friedlander UK (KSF UK) which up to then had been a solvent and liquid entity. This entity held significant assets belonging to Kaupthing Singer & Friedlander Isle of Man (KSF IoM) in the form of an intercompany loan. The UK government’s actions therefore prevented KSF IoM form accessing funds that were rightfully its and, as a result, from discharging its obligations to depositors resulting in the bank’s license being suspended and a provisional liquidator being appointed.

  2. The UK government has trumpeted its plans to ‘guarantee all savings’ whilst failing to truly do so. UK taxpayer funds are, rightly, being used to bail out numerous financial institutions on the mainland whilst those offshore are afforded no such favour. The result of this is that there are UK taxpayers who have contributed to the pool of funds now being used to guarantee onshore savings whilst they themselves are left to fend for themselves.

  3. The Isle of Man is a Crown Dependency, with Her Majesty the Queen as Head of State and is part of the British Isles, yet British Citizens holding British passports, who banked with KSF IoM have been treated in a different and unfair manner to those banking with KSF UK.

  4. The UK government and the UK Inland Revenue have enforced laws to obtain records of British nationals who bank with Kaupthing Singer & Friedlander for the purpose of collecting taxes. The UK government has failed to protect the assets of the same depositors.

  5. The Isle of Man government has failed to act in accordance with the governments around the world to protect the interests of depositors in the Isle of Man.

  6. The Isle of Man government has failed to safeguard the Island’s reputation and credibility as a secure, safe jurisdiction for bank deposits.

  7. The government of Iceland, having nationalised Kaupthing Hf, has failed in its duty to honour the parental guarantee issued by the bank to depositors in KSF IoM.

  8. The government of Iceland has guaranteed 100% of all its own national depositors’ savings but has deliberately chosen to exclude depositors in overseas branches and subsidiaries of Icelandic banks including KSF IoM. This is the equivalent of placing a ranking system on all unsecured creditors which, by law, are all ranked equally. A possible result of this is that KSF IoM funds are used to fund the bail out of Iceland’s domestic banking system whilst leaving KSF IoM depositors destitute.

  9. It appears that the Prime Minister of Iceland, deliberately misled depositors in Kaupthing Hf, its subsidiaries (of which KSF IoM is one) and the international press, by stating that the bank was, to his knowledge, not in difficulties. The fact that the same Prime Minister nationalised Kaupthing Hf the next day would strongly indicate otherwise.

The above points lead us, as depositors in Kaupthing Singer & Friedlander Isle of Man, to the following conclusions:

• The rash and ill advised actions of both the UK and Icelandic governments have resulted in the loss of millions of pounds to depositors in KSF IoM.
• It is the duty of the UK government as both catalyst for our losses and as the government responsible for the foreign affairs of the Isle of Man to protect and guarantee or interests.
• The Isle of Man Depositors Compensation Scheme is discriminatory as it, according to the islands regulators, excludes small businesses from claiming compensation, resulting in 100% losses for depositors.

We, the undersigned depositors in Kaupthing Singer & Friedlander Isle of Man, therefore demand the following:

  1. That the UK government instructs the administrators of KSF UK to release all assets belonging to KSF IoM in order that it may seek to resume its operations.
  2. That the Isle of Man government immediately reinstates KSF IoM’s banking license to enable it to resume its operations.
  3. That the UK government, in conjunction with the IoM government implement the same 100% guarantee for all depositors money in KSF IoM as has been afforded to other KSF depositors.
  4. That the Icelandic government, as primary stakeholder and controller of Kaupthing Hf, acknowledges its duty to honour the parental guarantee given by Kaupthing Hf to all KSF IoM depositors.
  5. That the Icelandic government ensures that any entity taking control of Kaupthing Hf or any new entity arising out of the assets of Kaupthing Hf is required to honour the original guarantee given to depositors of KSF IoM by Kaupthing Hf.

petition

  • 208
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 16/10/2008 - 16:14

Thank you all for your hard work but in what way can you substantiate the claim
"the governments of the United Kingdom, The Isle of Man and Iceland have acted illegally, "

Careful wording is needed to retain creditability.

The authors are doing very well but care is needed.


Petition

  • malc
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 16:16

Actually, they were the words used by both the UK PM for the action taken by Iceland and the Icelandic PM for the action taken by the UK

malc


how about...

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 16:15

Irresponsibly?


...is much better. We have no

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 16:24

...is much better. We have no accurate info to substantiate illegality, and an inaccurate statement like that reduces our credibility


I'll change it now...IoM Team please read

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 16:29

Can we please ask our great team in the IoM to read the latest version this evening please just to make sure we're not compromising anything you guys are doing or saying.

Personally I'm getting quite excited about the idea of sticking it to our dear un-elected PM :-)


petition

  • malc
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 16:26

the icelandic government believe there is a case....both they and Kaupthing are taking the UK to court.....


Petition version 2

  • saoversoix
  • 10/10/08 02/07/13
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 14:55

I am perfectly willing to go with version 2. How do I go about getting my name on tp it.