Open letter to the Manx Herald Newspaper

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
  • Offline
Posted: Thu, 12/02/2009 - 09:53

To Andrew Jessopp - Editor Manx Herald heraldeditor(?)manx [dot] net


I am not a depositor with Kaupthing IOM but as an expat I had my entire life
life savings in another Bank. I have now closed all my off-shore accounts in the
IOM & presently sleep comfortably albeit under a rather knobbly mattress.

Before the Tynwald Chief Minister Tony Brown had the audacity to defend his shameful behaviour at the Treasury Select Committee on 3 Feb by saying : "The only bad PR came from depositors who have a different interest from that of my interest which is for them and the whole of the Isle of Man."

That is profoundly untrue as Mr. Brown has received widespread criticism for his disgraceful behaviour from the media at large. It was painfully obvious that he was kowtowing to HM Government by accepting responsibility to resolve the problem without the assistance of the UK Government that precipitated the disaster in the first place!

The UK Financial Services Authority set aside the Memorandum of Understanding between it & the IOM Finaancial Services Commission to dupe Kaupthing IOM into transferring £550,000,000 of depositors' money to Kaupthing UK which then went into receivership. It then contrived to make the Court 'freeze' these assets with sealed Orders! Not even the Liquidator provisionally is being allowed to have access to those sealed Orders. Under the Court Order only HM Treasury can release those assets ; it should do so forthwith so that this sordid mess can be speedily resolved & the reputation of the IOM saved.

In the meantime, Mr. Brown is now confirming that he is putting the interest of other parties before the primary interest of depositors. His first duty is to do what every other European country has done, namely assure depositors that they will have restored to them every penny of their hard earned life savings that they entrusted to KSFIoM Bank.

I have retired elderly relatives & friends who have been made destitute by this horrendous disaster. As a consequence I am supporting them through the Depositors' Action Group in their fight to get justice done. They have an absolute right to have 100% of their deposits restored to them, having put their
trust in what they believed to be a trustworthy off-shore centre with a trustworthy bank & a trustworthy Financial Services Commission that was there ensure that their trust was not misplaced.

It is NOT the mission of the Depositors' Action Group to bring down the Island's banking sector but Mr.Brown should get the message that the action that depositors will take to recover this legalised theft is bound to do just that.

I attach a cartoon which I have done which you might like to consider for publication.

Yours Sincerely,


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IoM Banking future.

  • Oddepodde
  • 18/10/08 09/06/09
  • unspecified
  • Offline
  • Thu, 12/02/2009 - 18:43

I am a depositor and have been with Singer & Friedlander since 1992. Little over a year ago I was in serious discussion with a foreign trust of significant size. Since I had experience with Kaupthing Singer & Friedlander, they would have been one of our options. I would have had about eighty mad beneficiaries looking to skin me by now and of course the question of moving the trust to IoM is now a dead issue and so is probably the financial community on IoM. The Swiss are expensive, but maybe not so in the long run.

LJ blog

  • shafted
  • 10/10/08 12/12/09
  • a depositor
  • Offline
  • Thu, 12/02/2009 - 17:42

LJ following your recent blog i am glad you are on my boat i think your posts boost everyones moral as you are very persuasive and always write a good story, it does make a change to some posts of late i think as you say alot of disgruntled poeple as depositors can become a formidable force when cornered that time is approaching.

Letter to Manx Herald

  • homeless
  • 18/10/08 01/01/16
  • a depositor
  • Offline
  • Thu, 12/02/2009 - 14:24

Lucky Jim

Think you have probably captured how we all feel. I wonder if the Treasury thought Mr Brown's performance represented good PR ?

It deserves to be widely published and read.


Thank you, LJ (Manx Herald articles)

  • Hoping and coping
  • 16/10/08 31/07/10
  • a depositor
  • Offline
  • Thu, 12/02/2009 - 13:56

Great letter, LJ. Thank you. Have just read yesterday's Manx Herald article "Chief Minister accused of participating in PR ‘disaster’", which consists primarily of a DAG e-mail, and concludes:

"Clearly the ‘retail’ depositors are right to feel ‘stitched-up’ by the actions/inactions of UK and IOM authorities and want to see all their money being returned..."

No comments there yet...

well done

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Thu, 12/02/2009 - 13:36

well done !

LJ Cartoons

  • kiwi38
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 12/02/2009 - 16:12

LJ I like your cartoons. I have no idea what the Manx paper will do with the one you sent them but I suggest you send them your "series" as they all make a very valid and in most cases powerful point.