We have been advised by the Supreme Court of Iceland that our
appeal has been upheld and, therefore, the validity of the parental
guarantee has been proven. The decision of the Supreme Court is
final and cannot be appealed.
This is clearly a significant victory and is a major step
forward in our attempt to recover money from the parent group for
the benefit of creditors.
As you are aware, Kaupthing Bank hf is seriously insolvent, so
this decision does not mean that the value of our claim is going to
be paid in full, or that creditors of KSFIOM are guaranteed to be
repaid in full. Indeed the Winding Up Committee has not yet given
any indication as to the likely recovery and it may be some time
before they are able to do so.
Those creditors of Kaupthing Bank hf who objected to the
validity of the KSFIOM claim may also seek to challenge the value
of the claim, so it may be some time before the value of our claim
is finally agreed.
We will post an English translation of the judgment as soon as
it is available.
The best way to make contact is to write to the bank or
email email@example.com. If you need to
telephone the bank, please use the main switchboard number +44 1624