Herald Editor
Dr Taylor tells MEA Select Committee he was shocked to learn Treasury not kept fully informed
Renowned inventor Dr John Taylor informed the Tynwald Select Committee he was “shocked” by the evidence presented by Treasury officials “that they were not being kept fully informed of the MEA’s expenditure and borrowing"
MacKay points a finger of blame at KPMG at MEA Select Committee hearing
KPMG had responsibility for auditing the MEA’s annual accounts and it would appear they never challenged the Board over the legality of the loans and clearly there was no qualification of the accounts following the drawing down of the facilities....Bell gets something right for once but still manages to draw criticism
Treasury Minister Allan Bell almost broke a habit of a lifetime and made a good Ministerial decision – to announce, in respect of the EU Savings Directive, the IOM will move to an automatic exchange of information only, as of 1st July 2011, and remove the withholding tax option....KSF (IOM) DAG unhappy with delay in judgment on SoA costs
Isle of Man legal system has conspired with the Isle of Man Government to continue the agony for KSFIOM depositors. When will the authorities on the Isle of Man recognise that every court hearing, every adjournment and every delay in this process is costing depositors financially and emotionally? ...Fargher tells MEA Select Committee “I shall never forgive nor forget”
Mr Fargher was emphatic that, whatever the public may have been led to believe, the MEA was “not out of control” and that he and his colleagues were not “nodding dogs”. The truth, he claims, is that the MEA was a “well governed and managed organisation, led by an extremely capable and effective senior management team”...Former MEA Board Member alleges vested interests, acting through Government, blocked MEA's telecoms aspirations
Mr Corkill, Mary Williams and the directors of ManStar suggested the MEA buy ManStar. The purchase price was mooted to be about £800,000 when, according to Mr Ferrer, it had no value; and thereafter, once the MEA’s decision was known it was not interested, all their telecoms plans were “blocked by Government at every move”....Tynwald fails to dispel Isle of Man’s status as a ‘Rogue State’
Once again Members used the opportunity to demonstrate (with the odd exception) their aptitude to dodge the issue whenever the whiff of corruption and maladministration wafts their way....Letter to the Editor - In defence of Mr Cannan MHK
In the Tynwald on 16 June Mr. Allen Bell set out to put down the courageous Mr. Cannan. Mr. Cannan should not be made some sort of ...Letter to the Editor – The IOM: scheming, deceitful, contemptuous and hypocritical
The more we learn about the Isle of Man the more we come to discover that it has a financial services industry that is built of smoke ...Outlook slightly brighter for KSF (IOM) creditors but Treasury refuses to pick up court costs
Mr Simpson says the latest recovery will help close the gap between the calculated liabilities of the company and the amount of recoverable assets; and as this gap closes the more attractive the business may become to any prospective purchaser....HBOS ‘Rogue Banker’ scandal with links to EuroManx debated in Westminster
The interest in this case for the Isle of Man public and taxpayers is the fate of EuroManx and the loss of over £1m of taxpayers’ money when the airline collapsed. EuroManx was part of Corporate Jet Services, which had the Scourfield/Quayside treatment, and when CJS crashed and burned it owed £113m to HBOS....DLGE Minister disagrees with Planning Appeal Independent Inspectors
Incredibly the Minister criticized Mr Ward for taking a “forensic approach to the wording of the policies” and for losing sight of their purpose. It seems to the Manx Herald the Inspector was applying the Strategic Plan policies as written and for some reason the Minister has decided to adopt a more lax approach to the policies in the plan. This is particularly baffling when his Department has just successfully defended a legal challenge to the plan and its policies....OFT investigation worries Steam Packet more than Seaside Shipping challenge
But surely the least favourable change for the Company would not be just a tinkering with the fare structure or fuel surcharge, for example, but a successful challenge to the very legality of the User Agreement....FSC ‘advice’ to depositors remains “don’t put all your eggs in one basket”
The Manx Herald asked Michael Weldon, Head of Banking Supervision at the FSC, how many IOM license holders would be in a position to continue trading if the ‘parent’ ceased to trade. He rather hesitantly replied that “many would be in difficulty”....Author info
Herald Editor
Andrew Jessopp has been involved in the political life of the Isle of Man for 20 years, and has been producing material for publication in various forms of the media for approximately half that period.
He took on the responsibility of editing the Manx Herald in 2007; and currently also acts as the main reporter for the news service.
email: heraldeditor@manx.net