UPDATE RE: UK LEGAL REPRESENTATION

  • Diver
  • 11/10/08 31/05/09
  • a depositor
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Posted: Wed, 07/01/2009 - 18:15

The update is now available on out main site. You can access it by going to www.ksfiomdepositors.org and clicking on the legal tab or by using this link

http://www.ksfiomdepositors.org/public-page/edwin-coe-activity-07012009

all further updates will be posted here so please check back periodically.

Thanks

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Question for Diver re DAG's decision not to pursue Jud Review

  • hopeful
  • 11/10/08 31/05/09
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  • Wed, 07/01/2009 - 20:19

I am surprised that DAG's lawyers have decided not to pursue a Judicial Review of HMG's actions on 8/10/08. It seems to me that there is a case for relying on Parts 1 and 2 of the UK Treasury Order dated 8/10/08 concerning the transfer of retail depositor funds from KSFUK to ING.

HMG instructed the UK administrators to initially ignore all other depositors and concentrate on transferring the KSFUK Edge depositor’s funds to ING. In doing so HMG have not treated all UK citizens in the same way. HMG have assisted those UK citizens with funds held in KSFUK Edge accounts but have discriminated against those UK citizens with funds frozen under the KSFUK administration.

Therefore I believe that HMG have acted discriminately in this matter and as a consequence the High Court may have considered that a Judicial Review was warranted.

Diver, whilst I fully appreciate that you do not wish to devulge information that may benefit others that we are in conflict with, is it possible for you to respond on this aspect?


Incorrect

  • Diver
  • 11/10/08 31/05/09
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  • Wed, 07/01/2009 - 20:44

'HMG instructed the UK administrators to initially ignore all other depositors and concentrate on transferring the KSFUK Edge depositor’s funds to ING.'

That is incorrect as far as we've been told. The FSCS is paying the funds to the KSFUK customers now with ING - no funds have been moved from KSFUK as far as we know.

'HMG have assisted those UK citizens with funds held in KSFUK Edge accounts but have discriminated against those UK citizens with funds frozen under the KSFUK administration.'

HMG is entitled to assist (or not assist) whomever it wants as long as it does not contravene insolvency law. No unsecured creditor appears to being payed out in prefeference to another so there is no issue with the law there. Yes, the fact that UK retail depositors were saved and not us appears harsh but it is perfectly legal.

Lastly I would point out that I am not a lawyer which is why we have out legal team working for us, I have every faith that they explored all avenues regarding the JR and came to the decision that best met our interests.


Thanks Diver for the clarification

  • hopeful
  • 11/10/08 31/05/09
  • a depositor
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  • Wed, 07/01/2009 - 22:11

Thanks Diver for clarifying this matter.

You appear to agree with the statement "HMG have assisted those UK citizens with funds held in KSFUK Edge accounts but have not assisted those UK citizens with funds frozen under the KSFUK administration".

Whilst DAG's lawyers have decided that a Judicial Review is not the appropriate way forward to seek recourse for HMG's discriminatory treatment of two different groups of UK citizens, I wonder if there are alternative legal proceedings available that could be instigated to seek justice for the harsh way HMG have acted in this matter?