Pressing the IOM Government in advance of the 19 February High Court Hearing

  • drglowry
  • 14/10/08 31/05/09
  • unspecified
  • Offline
Posted: Mon, 02/02/2009 - 07:15

Dear All,

I have sent the following letter via e-mail to all members of the IOM House of Keys for whom I could find an e-mail address in advance of the next hearing before the IOM High Court scheduled for 19 February 2009.

Subject line: The future of the IOM financial services industry and Kaupthing Singer and Friedlander

Text reads:


Dear Mr Butt, (e-mails were individually addressed)

On February 19, the High Court will hear further representations from affected parties in the Kaupthing Singer and Friedlander debacle, including the IOM Government. At that time, the Court is expected to rule on the future of the life / retirement savings of thousands of Kaputhing Singer and Friedlander Isle of Man depositors. The court will also rule, de facto, on the future of the financial services industry in the Isle of Man.
In the past few weeks, all states in which Kaupthing bank operated, including Finland and Norway, have announced that they will insure that Kaupthing Singer and Friedlander savers in their respective countries will receive access to 100% of their deposits. Few of these nations are known as financial services centres, as is the Isle of Man.

In sharp contrast, the IOM Government has yet to fully accept and to act positively and decisively to fulfil their responsibilities to protect the funds of KSFIOM depositors. Incredibly, some one on the Isle of Man actually sent around £ 550,000,000 of KSFIOM funds to the UK, whose authorities have thus far refused to return our funds. This single action has caused the current crisis of confidence in the IOM as well as immeasurable hardship for thousands of individual, mostly retired, depositors.

As an expat working in the middle-East, I opened my account at KSFIOM not because I had a desire to deal with Kaupthing Bank in particular, (I currently have a substantial sum on deposit in Standard Bank Isle of Man) but because it was a "safe" Isle of Man bank. Like many other depositors, I had faith in the honesty, integrity, expertise, and fine reputation of the Isle of Man financial services industry. Was I mistaken?

If KSFIOM depositors are to suffer the loss of our savings, what errors of incompetence or evidence of conflicts of interest and conspiracies of deceit will the subsequent investigations and Royal Commissions uncover for the world to see? How long will it be before the steady stream of withdrawals from other IOM banks turn into a flood of multiple bank runs, like the run on Kaupthing Singer and Friedlander Isle of Man last October? If one bank run was overwhelming, how will IOM survive several simultaneous bank runs? How long before your young and working people are forced to relocate to the UK mainland to find work?

The choice is straightforward: try and tough it out and hope that the resulting adverse publicity from many disaffected depositors (who will not go away) will not result in loss of faith in the IOM, or, seize the initiative, guarantee a 100% return to KSFIOM depositors, settling and enhancing the reputation of the IOM as a safe saving destination. It should be clear by now that no other government, not the UK, the EU, and certainly not Iceland, will take any responsibility for KSFIOM depositors. While the UK Government may have caused the problem, it is up to IOM Government and KSFIOM depositors to solve the problem, together.

We entrusted our life and retirement savings to the Isle of Man. It is up to the IOM Government to protect depositors as well as the IOM's reputation. February 19 will soon arrive. The clock is running. Find a way to do the right thing.

Sincerely,

Glenn Lowry
KSFIOM depositor and retiree


It probably would help if others sent their thoughts to these individuals as well. They are listed here:

Alexander Downie: alexander [dot] downie(?)gov [dot] im
Anne Craine: anne [dot] craine(?)gov [dot] im
Bill Henderson: bill [dot] henderson(?)parliament [dot] org [dot] im
Bill Malarkey: bill [dot] malarkey(?)gov [dot] im
Brenda Cannell: brenda_cannellmhk(?)manx [dot] net
Tony Brown: chief [dot] minister(?)cso [dot] gov [dot] im
Clare Christian: clare [dot] christian(?)gov [dot] im
David Anderson: david [dot] anderson(?)gov [dot] im
David Callister: david [dot] callister(?)gov [dot] im
David Cannan: david [dot] cannan(?)parliament [dot] org [dot] im
David Quirk: david [dot] quirk(?)gov [dot] im
Geoff Corkish: geoff [dot] corkish(?)gov [dot] im
George Waft: georgewaft(?)manx [dot] net
Graham Cregeen: graham [dot] cregeen(?)gov [dot] im
John Shimmin: john [dot] shimmin(?)gov [dot] im
Juan Turner: juan [dot] turner(?)gov [dot] im
Juan Watterson: juan [dot] watterson(?)gov [dot] im
Martyn Quayle: martyn [dot] quayle(?)gov [dot] im home
Dudley Butt: dudley [dot] butt(?)gov [dot] iom
Peter Karran: karranmhk(?)redlyon [dot] com
Phil Braidwood: phil [dot] braidwood(?)gov [dot] im
Phil Gawne: phil [dot] gawne(?)gov [dot] im
Quintin Gill: quintin [dot] gill(?)parliament [dot] org [dot] im
Steve Rodan: steve [dot] rodan(?)gov [dot] im
The Rt Rev Robert Mar Erskine Paterson MA: bishop-sodor@iommail
Tim Crookall: tim [dot] crookall(?)gov [dot] im
Allan Bell: treasmin(?)gov [dot] im
William Teare: weteare@manx

Was unable to obtain e-mail addresses for the following IOM parliamentarians and would be grateful if other depositors were able to provide them.

Hon Adrian John EARNSHAW MHK
John Ramsey HOUGHTON Esq MHK
Hon David Clifford CRETNEY MHK
Edward Alan CROWE Esq FCIS ACIB MLC

Other names listed in the MLC section include:

Hon NQ Cringle (President of Tynwald)
Mr EG Lowey

We have a fortnight in which to persuade these individuals that our problem is THEIR problem, too.

100% return for all depositors!

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Pressing the IOM Government in advance of the 19 February High C

  • grapow
  • 20/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 02/02/2009 - 09:55

Excellent idea and content, I have sent a very much abbreviated response as below to this distribution list provided, though, as I type this a few are already bouncing back to my email system, stating "un-deliverable" for a host of reasons:

I am aware of an excellent email sent to you by Glenn Lowrie, earlier today, a fellow “victim” of the KSFIOM debacle. Rather than duplicate the entire content, with which I agree, there are thousands of affected depositors brought together by this crisis with a hugely reliable communication mechanism, we simply will not accept being the only victims to lose out by a bank failure on the entire globe, which, currently we appear to be. Not only is our future on the line here, but as Mr Lowrie, so skilfully suggests, the future of IoM stands with us – I beg you not to let us down.

It surely makes sense for the remaining 2 weeks or so before what is surely the final court hearing for IOMG to make appropriate loan arrangements either through Westminster or wherever to identify a far more acceptable (100%) return to this group.

Graham Powell
Bristol, UK