KSFIOM action group claims Treasury intends to use British savers assets to cover Icelandic debts

Your rating: None Average: 4.2 (5 votes)
2008-10-23 (All day)

KSFIOM action group member Ziggy Sieczko is concerned that IOM depositors with assets trapped in the UK will suffer under the island's current compensation scheme. He says: “An estimated 500-550m of Isle of Man assets are being held within the London sister company. The UK administrators are currently hiding under the anti-terror legislation so our liquidator can’t get any access to these funds. The administrators have been instructed by Her Majesty’s Treasury to seize the funds to cover the guarantees the Government have offered to all UK savers but depositors in the IOM aren’t covered by these guarantees.