Provisional Liquidator in the Isle of Man has failed to clarify the position of depositors in Kaupthing Singer & Friedlander Isle of Man

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2008-11-18 (All day)

Despite numerous requests, the provisional liquidator in the Isle of Man (Mike Simpson of PWC) has failed to clarify the position of depositors in Kaupthing Singer & Friedlander Isle of Man (KSFIOM) and failed to provide any insight into the various routes he may be exploring for the ill-fated bank. Depositors have been left starved of information and been forced to rely on hearsay and rumour.

Despite numerous meetings with UK authorities including a meeting with Jack Straw, the Isle of Man Government remains silent on the plight of the depositors it now represents. No updates regarding the discussions have been given and depositors have been left wondering if their plight is now coming second to other Isle of Man interests.

The UK government shares the blame here as Alistair Darling remains silent following his chastising comments directed at the Isle of Man, giving no regard to the thousands of British taxpayers caught up in this financial disaster.

Whilst the British authorities appear to have 'kissed and made up' with Iceland, having given the go-ahead to an IMF/Iceland loan, there is still no information as to how they have represented the KSFIOM depositors' interests in such talks or if they represented them at all.

For those whose money disappeared in KSFIOM on 8 October 2008 it is frustrating and bewildering that other issues are being openly discussed and solutions found whilst a huge vacuum exists around their plight. What happened to the parental guarantee that was given by the Icelandic Parent Bank? What happened to the £550million of Isle of Man funds deposited in the UK? Why were these funds deposited there in the first place without protection?

It would appear that UK ministers, UK politicians, the FSA and even the Isle of Man government are ignoring our plight, leaving KSFIOM to be the only banking institution that fails in a territory that falls under the UK Government's constitutional responsibility.

These are desperate times for over 8,000 depositors and they are being left out in the cold by all those who were either appointed to represent them or safeguard their money.

Sent on behalf of the KSFIOM Depositors Action Group -