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High Court defers decision on KSFIoM scheme of arrangement costs

The Isle of Man High Court today deferred its decision on the issue of the costs incurred by and on behalf of depositors involved with the Manx treasury’s rejected scheme of arrangement.

According to an IoM government spokeswoman the deputy deemster reserved his judgement to a later date due to the complexity of the information and will be producing a written judgement at a later date.

A KSFIoM spokesman says: “When will the authorities on the Isle of Man recognise that every court hearing, every adjournment and every delay in this process is costing depositors financially and emotionally?

“Depositors have now been denied access to their life savings and retirement provision for 8 months. In that time, all that the endless discussion and prevarication by the Isle of Man authorities has achieved is a reduction in the net amount available to them from the collapsed bank.”


Notes on a scandal

Amid all the furore over MPs’ expenses it occurred to me that a far greater financial scandal has been overlooked.


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