Government (IOM) takes advice on recovering Kaupthing losses

Posted 01/07/2009 - 08:32 by anrigaut

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2009-06-30 23

Government takes advice on recovering Kaupthing losses
Published online at 01/07/2009 04:12:27

Legal advice has been taken over whether financial losses incurred as a result of the crash of Kaupthing bank could be recovered.
In a written question in the House of Keys, Rushen MHK Juan Watterson asked about the possibility of recovering any or all of the money lost by the Isle of Man Treasury, depositors with the bank and holders of banking licences in the Island.
Mr Watterson suggested action could be taken against Her Majesty's Treasury, the United Kingdom's Financial Services Authority or the Icelandic financial services regulator.
In his reply, Treasury Minister Allan Bell says advice has been taken from the Attorney General and from what he calls 'specialist Queen's Counsel', but no action is being taken on the matter of legal challenge.
He adds the legal position is kept under periodic review.