Panorama Contacted

  • Anonymous
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Posted: Sat, 06/12/2008 - 14:02

Dear DAG Members,

Just thought I'd let you know I emailed Panorama this morning to see if they might investigate our story. This is what I put :-

"Icegate" - this could be bigger than "Watergate"

The actions of the UK Government precipitating the collapse of a number of Icelandic banks by seizing their assets has had a drastic effect on the Icelandic economy and thousands of investors who had deposits in Kaupthing (IoM) and Landsbanki(Guernsey).

The BBC is Radio 4 PM Blogg has been steadily collecting statements concerning the plight of Kaupthing (IoM) depositors who stand to lose their life savings. There are around 250 comments there now. See the link below :-

I am one such depositor, and the more I learn about what happened, the more I'm convinced that this is a Government scandal shrouded in secrecy and intended to alienate and discredit offshore jurisdictions as viable and legitimate banking centres.

  • If the UK Government knew about Icelandic banking problems back in March, why didn't they tell anyone ? They even left their own UK councils in the lurch, and they had millions invested.

  • Why did the UK Government refuse to assist Iceland ? It would have cost a fraction of what the they have spent in transferring ownership of Kaupthing (UK) to Dutch owned ING bank. Several billion of taxpayers money was needlessly spent in that exercise.

  • Kaupthing was a viable business prior to the UK Government using anti-terrorism laws to seize their assets early in October. The Government brought the bank down and necessitated the rescue of the UK arm.

  • Isn't it interesting how the FSA advised Kaupthing (IoM) to transfer £557 million to Kaupthing (UK), then denied that there was any guarantee that the money would be safe. Imminently after the transfer, the UK Government froze the assets of Kaupthing(UK). I'm convinced that this was pre-meditated.

  • The UK Government are preventing the funds that were transferred from Kaupthing(IoM) from being returned back to the bank. This money belongs to Kaupthing(IoM) and NOT Kaupthing(UK). It should be used to help re-launch Kaupthing(IoM), but the UK Government is preventing this, or any other positive outcome from occurring.

  • This whole affair is shrouded in secrecy - there are sealed papers that the UK Government will not permit the temporary liquidators or any other interested party to gain access to. The UK Government aren't telling us the truth behind all this - they have clearly got something to hide.

  • The UK Government is smearing the Isle of Man as being a "Tax Haven" where people put money to evade tax. This is complete spin. It is well known that the UK Government receives large tax revenues from offshore jurisdictions owing to the EUSD tax rules that exist. These taxes have been ramping up over the last few years. The UK Government are using this as a diversion tactic to cover up their own ineptitude and dirty politics.

  • The UK Government have brought about the collapse of a number of Icelandic owned banks,has put over 8,000 depositors into financial hardship, has brought the Icelandic economy crashing down, and is now attempting to undermime and damage the reputation of offshore jurisdictions. That's quite a lot of dirty work that they've achieved with so little effort at a time when governments should be pulling together internationally to put an end to this global financial crisis. I think the UK Government has done this for purely selfish and corrupt reasons.

This story merits further investigation or better still a public enquiry. The UK Governments has acted in it's own self interest - it's abominable behaviour should be fully scutinised - clearly this behaviour has NOT been in the interest of the UK populus or the world economy. It has damaged relations with Iceland and offshore neighbours. The UK Government have made matters considerably worse by putting politics ahead of viable economic policy and meddling in matters that it clearly didn't understand and didn't think through properly.

Please investigate further. There is a wealth of information on the subject at the Depositors Action Group web site :-

Many thanks for your time reading this.

Yours Sincerely,

Colin Rimmer

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  • Anonymous
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  • Sun, 07/12/2008 - 22:20


Have you tried Watchdog, too?

If not, you could send the same stuff to them. These guys fight really hard to get things redressed. But maybe we need to get all of us sending letters to them as they pick their topics based on the volume of complaints.

Re Writing to Watchdog

  • Anonymous
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  • Mon, 08/12/2008 - 10:39

Thanks for the tip - please can you post an email address.

Watchdog email address

  • Anonymous
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  • Mon, 08/12/2008 - 10:46

... taken from BBC website

Watchdog - Got a story

We may wish to contact you to discuss your story further, so please don't forget to fill out the form leaving your email address or contact phone number.

The Economist

  • Anonymous
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  • Sun, 07/12/2008 - 09:52

I like that contact with Panorama and have used it as the basis for something similar to The Economist. That mag has a world wide audience including off shore depositors - or potential ones. i suspect that the IOM Gvt would not like it to much if they investigated and reported on the issue. Maybe others could make contact with The Economist as well?

The Economist - e-mailed the Editor

  • Anonymous
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  • Sun, 07/12/2008 - 22:36

Great idea!

I've just e-mailed Colin's letter to The Editor of The Economist ... let's just hope it doesn't fall on deaf ears!



  • Anonymous
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  • Mon, 08/12/2008 - 00:51

The leader article this week is "Where have all your savings gone? - the story is mainly about the decline in stocks and shares but nevertheless ties in with our aims. I have also emailed them.

The Money Programme

  • Anonymous
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  • Sat, 06/12/2008 - 23:58

re The Money Programme

  • Anonymous
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  • Sun, 07/12/2008 - 01:52

Thanks lancara - will see if I can send a copy there also.

Great initiative

  • Anonymous
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  • Sat, 06/12/2008 - 22:57

A great resume, lets hope Panorama thinks so, they should, as there is a lot of meat to chew at !

Thanks shafted - much

  • Anonymous
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  • Sun, 07/12/2008 - 01:37

Thanks shafted - much appreciated.

Regards, Colin

colinalvin63: What an excellent piece

  • Anonymous
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  • Sat, 06/12/2008 - 23:57

Its so good would you mind if Used some of your ideas/words in my writings to MPs ect

Fuel For The Fire in Letters to MP's + Lobby other parties

  • Anonymous
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  • Sun, 07/12/2008 - 01:46

Hi Spanishfly,

Yes, please re-use what I have written - that goes for anybody else too. Just get bombarding those MP's, web sites, newspapers and whoever else you think might publish what we write or listen to what we say.

I think I'll send the same letter to my local MP come to think of it. Wrote to them a few weeks back, but didn't ask enough questions.

Just a thought - my experience is that when I write to Labour MP's, I just get a standard bullshit response back saying that I've been a silly boy investing in an offshore jurisdiction. I think that we will have far more success in lobbying other parties (ie. Labour's rivals) because they will want to bring labour down and stop them from being elected next time. They will hopefully put Labour through the mill over this.

Regards, Colin

Fuel for the fire - colinalvin63

  • Anonymous
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  • Sun, 07/12/2008 - 02:26

Thanks for the brilliant resume, it raises all the tricky points without getting bogged down!


  • Anonymous
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  • Sat, 06/12/2008 - 19:20

colinalvin63: What an excellent initiative. Please let us know Panorama's response. I wonder how long it would take them to get a program together like this.

For me also, you have touched on what I think should be a new initiative (apart from Panorama) for us to take, but I haven't got my ideas together yet to make a posting; it would fit in well for the Panorama program too, because it could be the start of their story.

What I refer to is what happened to the international relations between the UK and Iceland for it to come to the point where the chancellor (apparently) falsely reported the conversation he had with the Iceland government minister and then the prime minister made a public statement (also with apparent falsehoods) that had the effect of bringing Iceland and its banks to its knees.

And I believe the context of that weekend before this is important too: The European leaders met on the 4th October (a Saturday) to come to an agreement on having unified and concerted action on the banking crisis. It seems that immediately they finished agreeing, Merkel, the German chancellor made a devastating and (apparently) unilateral statement about guaranteeing all German bank depositors with 100% cover - but then on being questioned, let on that she hadn't at that time discussed it with her government. Mass confusion followed on the stock markets (which prompted me to attempt to withdraw my deposit from KSF IoM) - then Darling's statement - then Brown's - then disaster for us all.

If a group forum hasn't already been started, I think we should involve a European agency (PACE?) to help investigate and follow up on this idea - which would be good fodder for Panorama too, don't you think?


  • Anonymous
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  • Sun, 07/12/2008 - 01:58

I know nothing about PACE - I'm just an ordinary depositor like everyone on here - I'm just trying to do something positive to get our money back - I don't have the resources or energy to contact everyone, so here's your opportunity to make a contribution towards getting your money back.

Find out who you need to contact and go for it - don't put it off - strike while the iron's hot.

Feel free to re-use any of the points I have raised.

This way we can hit the UK Government on several fronts, ha ha.

Regards, Colin