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KSFIoM action group urge govt to clarify scheme of arrangement

The KSFIoM depositors action group have urged the Manx government to outline the benefits offered by its proposed scheme of arrangement versus a liquidation of the bank.

It says: “Can The IoMG and the huge team of consultants retained for the last four months to develop this complicated scheme of arrangement please tell depositors what benefits it offers when compared to initiating liquidation?”

The action group says the Manx government has failed to clarify whether depositors would retain their legal rights to pursue any parties who may have been potentially culpable in Kaupthing debarcle.

It has also questioned the life insurance industry’s support of the arrangement, when it “holds no benefits for individual bondholders.”

It says: “The only benefit being promoted is ‘certainty’ and ‘accelerated payment’. Depositors do not feel that the prospect of 60 per cent return of their money offers certainty.

“Can the Isle of Man government recognise that the only solution for depositors is to find a way of returning 100 per cent of their money immediately?”

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