This update covers the forthcoming Court hearing, the JJB Sports
plc shareholding, the Early Payment Scheme being offered by the
Isle of Man Treasury, the issuing of statements and a potential
I also draw your attention to the details of my next conference
call posted at the end of this update.
Forthcoming Court Hearing on 29
In preparation for the Court Hearing on 29 January 2009, I will
be submitting an Affidavit which will contain an update in respect
of the Liquidation Provisionally and will contain an estimate of
the assets and liabilities of Kaupthing Singer & Friedlander
(Isle of Man) Ltd ("KSFIOM") as at 9 October 2008. I would stress
however that this should not be taken as an estimate of what may be
realised in due course in respect of the assets, nor in respect of
the potential total liabilities of KSFIOM as there continue to be a
number of uncertainties in respect of certain assets and as
Liquidators Provisionally we are not in a position to start the
formal process of calling for claims. A copy of my Affidavit will
be available on the website once it has been lodged with Court.
JJB Sports plc
Prior to the appointment of Joint Liquidators Provisionally on 9
October 2008, KSFIOM had entered into arrangements with Kaupthing
Singer & Friedlander Ltd ("KSF UK") which were backed by
collateral arrangements. Following the termination of those
agreements, KSFIOM obtained rights to certain shares which had been
lodged as collateral. One of these shareholdings is in JJB Sports
As a result, KSFIOM believes it has an obligation to lodge
certain regulatory notifications confirming ownership of the
relevant listed shares. In a press release issued on 14 January
2009 I was quoted as saying:
"In respect of the JJB Sports plc shares, I will be taking a
careful and considered approach in respect of the collateral
shares, particularly given the material size of the shareholding. I
have and continue to take advice in this regard. I would stress
that there is no requirement for me to dispose of these positions
within a set timeframe or in a time pressured manner and that my
role is to optimise the recovery for creditors."
Early Payment Scheme from the
Isle of Man Treasury
The Isle of Man Treasury has sought approval from Tynwald for
making a payment to depositors of £1000. The Treasury requested
that we send a claim form to all customers on their behalf so that
depositors can arrange for them to be completed and returned.
If you have any queries relating to this Early Payment Scheme, a
dedicated helpline has been set up by the Isle of Man Treasury
which you can reach on +44(0)1624 685 858.
Edge and Online
As stated in my last update, the Edge and online accounts are
available in a "READ ONLY" format. Online access will remain open
until the end of February 2009.
We have issued statements outlining balances as at 9 October
2008. Accompanying these statements was a letter explaining the
treatment on certain accounts such as fixed term deposits, which
was also explained in a prior update. Please note that statements
to South Africa, Zambia, Nigeria, Botswana, Zimbabwe and Libya have
been sent via e-mail as well as by normal post services due to
inconsistencies in the post services operating in those
Together with the statements we sent an information sheet to
customers requesting confirmation of their details, this is in
addition to the form referred to above as it is to ensure that the
Bank's current information is up to date and accurate. The form
also enables customers to confirm alternative bank account details
for any future payments which could be made electronically.
I would draw your attention to any correspondence you may
receive from Kristen Heather Investment plc which appears to have
cloned, without authority, the KSF website. We understand that this
company is purporting to hold funds on account for the benefit of
depositors which will only be released following the payment of a
"release of funds fee." This appears to be an entirely fraudulent
endeavour and the Isle of Man Financial Supervision Commission (the
"FSC") has issued guidance to the effect that any communications
from Kristen Heather Investment plc or the corresponding website
www.ladbonline should be disregarded.
Any persons who have already been involved in dealing with the
entity and have concerns should contact the Enforcement Division of
the FSC on +44(0)1624 689 311.
Clarification of question raised
in the conference call on 12 January 2009-01-16
The question was raised as to how the Financial Services
Compensation Scheme ("FSCS") ranks as a creditor in the
Administration of the Kaupthing UK. It is my understanding that the
FSCS rank "pari passu" with all other creditors, that is to say,
they rank equally alongside other creditors, with no preference
Telephone conference dial in details
Following discussions with the Depositors Action Group I have
set up a third conference call which will take place on Monday 26
January 2009 4:00 pm GMT.
I am making the access details generally available to
depositors. If you wish to listen to the call, you will need to
register in advance. Please click the link to register.
Participation will be on a listen only basis. The facility is
provided by a third party and accordingly there is a cost per head
for usage. Should any party register and then not attend the
liquidation will be charged.
The number of lines is limited and I would request that only
those depositors who are able to make the call register
as we will make the audio recording of the call
available on the website for those of you who are
unable to attend. Should depositors choose this route to listen it
will significantly reduce the costs.
As previously, the best way to make contact is to write to the
bank or to email email@example.com. If you need to
telephone the bank, please use the main switchboard number +44 1624
Joint Liquidator Provisionally