03 JUNE 2010

Bank of England case

The Court of Appeal has handed down its judgment in respect of the above case. The judgment has gone against us - the Court has overturned the original judgment regarding the interpretation of the words "deposit" and "customer", so that KSFIOM and other group companies and financial institutions will not be able to share in the Trust Account proceeds. This is obviously disappointing but is not unexpected. A copy of the judgment is attached:

PDF Bank of England judgment

The meaning of the word "deposit" is considered in paragraphs 53 to 56.

Based on the legal advice we have obtained in respect of this judgment, we do not intend to lodge an appeal.

Agreement of creditors' claims

Any creditors who have not yet submitted a claim, either directly or through the Depositors Compensation Scheme, are asked to submit their claims as soon as possible to ensure that they receive the distributions to which they are entitled.


As previously, the best way to make contact is to write to the bank or email branch@singers.co.im. If you need to telephone the bank, please use the main switchboard number +44 1624 699222.


Mike Simpson

Joint Liquidator