Kauping Singer & Friedlander IOM Depositors - Open letter to UK MPs

Posted 05/11/2008 - 19:13 by Anonymous

Press Release - Open letter to UK MPs. Sent to UK MPs 5th Nov 2008

Please read the following before Thursday 6 November

Prior to the Parliamentary debate taking place this Thursday 6th November at 6pm, we kindly ask you take the time to read and digest the very real, very distressing stories of the UK citizens caught up in the collapse of Kaupthing, Singer & Friedlander Isle of Man, and ask that you will encourage Alistair Darling to reflect on his response given to the Treasury Select Committee on Monday 3rd November:

"[Manx banks] are regulated by the Isle of Man authorities, and I would have to think long and hard before saying, for the first time, the British Government would then go and underwrite savings made in another jurisdiction. It's not something that we would lightly do."

Jim would like Alistair Darling to think long and hard…..

Jim worked most of his life for the British government in places of strife - Afghanistan, Mozambique, Kosovo. Since he lived overseas he had no alternative but to bank offshore. His civil service salary was paid into his KSFIOM account but now he finds himself penniless, staying with friends and having to try to find work at the age of 64. His life savings lost in the political limbo caused by actions of the UK government, his former employer.

Alan & Hazel would like Alistair Darling to think long and hard…

British couple Alan and Hazel spent the last 20 years working hard running their own business but now find themselves with $410,000 frozen in the bank account they have used for the last 10 years. These are funds that are needed for the day to day operation of their business. The account was held in the Isle of Man simply because this was the easiest and most cost efficient way to handle US dollar transactions. The business is now likely to close and their plans for retirement in 2009 are on hold.

A member of the British army would like Alistair Darling to think long and hard…

A member of the British Army in Afghanistan lost his arm and sustained shrapnel damage from a land mine in Paktia province in June 2006. He was medically discharged and given a lump sum payment (fully taxed), and pension. This £68k was deposited in the Derbyshire BS (IOM) which became part of KSFIOM last year. The money was to be used to facilitate a small holiday home in the country for his retirement so that he 'could spend the rest of my life in peace, and nature.' Now it could all be lost.

A young widow would like Alistair Darling to think long and hard...

Just when you think life cannot get worse after the death of her husband last year leaving her with three school age children, this young mother now faces the fact that the money which she received from a critical illness policy as a result of her husband's death, and invested for the family to live on, is now likely to be lost. She does not understand how banks can do this to their depositors as the UK Government stands by and watches.

Please don't let these British citizens be forgotten in this nightmare political tangle between the UK and Iceland. Can you imagine the stress and bewilderment this situation is causing to thousands of British people at home and abroad.

Each of these individuals entrusted their hard earned savings to a bank they thought they could rely upon. It is not something THEY did lightly.

Yours faithfully

Kaupthing, Singer & Friedlander (Isle of Man) Depositors Action Group