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KSFIoM action group seek to remove PwC as liquidator

Ninety six per cent of the Kaupthing Singer & Friedlander Isle of Man depositors action group want a complete removal of PricewaterhouseCoopers as liquidator.

The action group is gathering proxy votes in order to remove PwC as liquidator or appoint a conflict liquidator to remove potential conflicts of interest.

The action group says PwC may have personal and political conflicts of interest in terms of pursuing other potentially liable parties on the island and highlights that PwC representative Mike Simpson has worked there for many years.

It says: “Pursuing parties with whom he has worked and possibly has personal relationships is likely to be difficult.

“We also perceive PwC as being likely to be reticent in pursuing KPMG in their capacity as the bank’s auditors.”

Resolution meetings for the appointment of liquidator and the creditors committee are due to take place on July 8.

A spokeswoman for the action group says: “Currently a poll by the action group shows that 96 per cent of depositors want to see the complete removal of PwC but we need the backing of the life companies to make sure best practice prevails in maximising the remaining assets of the bank.”


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Website comments

On last week’s RDR consultation paper publication

It is very heartening to see the FSA tackling at last the menu of industry failings, in particular, the comm-ission issue, which has been the intermediaries’ Achilles heel for so long.


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