Manx Herald Isle of Man

Deemster Corlett gives in to Treasury – KSF (IOM) SoA to be put to creditors’ vote

Thu, 09 Apr 2009 21:32:00 -0400

Peter Wakeman left his Honour in no doubt that he considered what is being offered, by Treasury, is a “second class response” compared to the “best practice and world class response” offered elsewhere; which is guaranteeing 100% return of depositors’ money.

Brian Mallett

Thu, 09 Apr 2009 22:18:52 -0400

It seems that the IoM Government and FSC have yet again failed to live up to their responsibilities to compensate KSF IoM depositors for their losses by pushing for a useless SoA. If the IoM is unable to regulate their financial institutions properly it has no right to expect offshore depositors to use its banking facilities. Since the IoM FSC failed the KSF IoM depositors it is up to the IoM Government to rectify the situation.If the IoM Government continues to squirm out of its responsibilities to the KSF IoM depositors, I believe it will signal the end of offshore banking for the IoM.

mike johnson

Fri, 10 Apr 2009 04:53:15 -0400

I have already withdrawn my funds from two other banks based on the IOM I think the governments of both the IOM and the UK have shown scant regard for depositors and are avoiding their responsibility.

douglas Miller

Fri, 10 Apr 2009 05:42:11 -0400

Thanks for your very informative article. The IOM government should be ashamed of its treatment of the KSFIOM depositors. It appears to me that even the paltry 2.8M it appears to be so proud of pitching in is in fact illusory as if liquidation had gone ahead in October 2008 then depositors would not have been involved in the expense of the liquidator provisionally and his team ( nearly 30 persons ) working on the un-asked-for SOA. Or is the IOM Government going to separately reimburse depositors for this additional expense ? ( probably running into Millions ).

RL

Fri, 10 Apr 2009 06:56:27 -0400

Basically,whether it's SOA or DCS,for anybody +50k all hinges on any return from the UK.However,one lesson this should have taught potential worldwide depositors is that if you have sub 20k to deposit, the IOM is ok,but still a risk,any more than that,look elsewhere,Iceland perhaps ??

M Antonis

Fri, 10 Apr 2009 07:35:19 -0400

Since December 08 it has been clear that the bank could not be saved. If the bank had been liquidated at that point all depositors would be now have had around 15% of their deposits. So far I have received nothing! Instead enormous expenses have been incurred by the bank on spurious schemes concocted the the IOM Government. The depositors will end up paying for this and in exchange payments to them are further delayed. Why?

ivan pring

Fri, 10 Apr 2009 08:04:49 -0400

Thank you Manx Herald for this excellent informative article. I think the IOM Treasury is playing with the future of the IOM Financial Services sector, and is playing a very dangerous game. It has deliberately blocked payouts to thousands of depositors who would have been completely or significantly paid out under liquidation. Its advocate now seems to be saying that IOM is not willing to put as much into DCS as it will put in to an SoA and that the DCS might be underfunded. If so, let's know that and then we can all judge the safety or otherwise of investing in IOM.
If the DCS does not pay out promptly it will be the death knell for IOM Financial Services.
The only impact on depositors of all the IOM intransigeance is to delay payment to people who are desperate to see their money again.

Derek Smith

Fri, 10 Apr 2009 08:15:16 -0400

I flew to the island from Abu Dhabi on the following Monday and got what I had left from another bank account and sent it mainland. I'm digusted by the way IOMG have run away from their responsibities - it sends a clear message - they cannot regulate themseleves, have no DCS and have no morale standing when they make a mistake. They should hang their heads in shame,pay for their incompetance and return to selling light bulbs and plumbing fittings. I will return to the island....seek and destory.

Best Regards!
Derek Smith
F*cked by the IOMG (but never again)

Rory MacKay

Fri, 10 Apr 2009 08:23:58 -0400

More wringing of hands, obfuscation and delay from Douglas. IOMG knows that it is out of the 'tax haven' woods as far as the G20 are concerned and the larger KSFIOM depositors' leverage is weakening, hence the glacial pace of action. Glad the Manx Herald is on to the story in a little more depth than its competitors.

Gill Miller

Fri, 10 Apr 2009 09:39:44 -0400

Thank you for such an informed article. It is a real shame that both the IOM and British Governments cannot come together to give the depositors their hard earned cash back. We have been treated in an appalling & degrading way. Having to beg and pray for any of our money back.Banks and the IOM in particular, will never be trusted again. Being wise in hindsight is equally as frustrating, as the bankers continue to get paid from the misery of others - and the pontificators continue to sit in their ivory towers.This situation has left thousands of ordinary people suffering and desperate.

David R Morrison

Fri, 10 Apr 2009 12:23:05 -0400

Thank-you very much for your article.

There seems to be one conclusion, and one conclusion only, for depositors with KSFIoM, and debate seems to be useless as the IoMG is not listening, and that is :
Vote against the SoA.