23 JANUARY 2020 Cash Position

Click here for a summary of cash balances held at 31 December 2019.

Cash balances decreased by approximately £16,000 during the quarter. Income totalled £7,000. Liquidation expenses totalled £23,000, including legal fees of £11,730.

Isle of Man Freezing Orders and Final Distribution
The freezing orders related to a confiscation order issued by the Sheriffs’ Court in Glasgow, which was registered in the Isle of Man in 2018 in the sum of £1.3 million, under the Island’s proceeds of crime legislation. The registration was challenged by the Liquidator, and after proceedings and negotiations in the Isle of Man the Scottish Authorities have agreed to accept £345,404 from KSFIOM.

I will be writing to the creditors who will be paid directly by the liquidator in the next two weeks in relation to the final dividend. If you have claimed under either the Early Payment Schemes and/or The Isle of Man Depositors’ Compensation Scheme, then please contact the DCS Administrator using the below contact details:

Contact details for the DCS Scheme Administrator are
Website: https//www.dcs.im/
Email: dcs@kpmg.co.im
Phone: +44 1624 625 680

Postal Address: Isle of Man Depositors’ Compensation Scheme, PO BOX 201, Douglas, Isle of Man, IM99 1TR

The best way to make contact is to write to the bank at PO Box 197, Third Floor, Sixty Circular Road, Douglas, Isle of Man, IM99 1SN, or email iom_ksf@pwc.com (please note that this is a new address). If you need to telephone the bank, please use the number +44 1624 699222. All other numbers in previous use are now switched off or auto-forward to +44 1624 699222. Please be aware that all telephone calls are recorded for security purposes.

Mike Simpson