2008-11-14 :: channel4.com :: Des épargnants ont désigné un avocat pour représenter leurs intérêts

http://www.channel4.com/news/articles/business_money/savers+get+lawyer+over+iceland+bank/2824357

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Savers get lawyer over Iceland bank

Des épargnants ont désigné un avocat pour représenter leurs intérêts

Last Modified: 14 Nov 2008

People who stand to lose millions of pounds through the collapse of the offshore arm of an Icelandic bank have appointed a lawyer to represent their interests.

An action group for savers in Kaupthing Singer & Friedlander Isle of Man (KSFIOM) said it had appointed an advocate on the island to represent them at a liquidation hearing due to be held at the end of the month.

The depositors are seeking clarification on a number of issues, including what action is being taken to recover £550 million of assets which were being held by a UK arm of the bank and have been frozen by the UK Government alongside other assets belonging to Icelandic banks.

Around 10,000 savers, many of them British, collectively have £840 million deposited with KSFIOM.

A KSFIOM Action Group spokesman said savers patience was wearing thin due to the lack of progress that had been seen to date.

He said: "Communications from the provisional liquidator, Mike Simpson of PricewaterhouseCoopers, have been, at best, sporadic and numerous questions surrounding the future of the deposits remain ignored.

"The depositors are frustrated by the lack of communication from Mr Simpson and now plan to explore various legal routes to ensure that their interests are being upheld."

The group is also looking into the possibility of appointing a legal representative in the UK.

The group received a boost last month when a liquidation hearing for KSFIOM was postponed until until November 27 to enable high-level negotiations to recover the bank's assets to continue.

If KSFIOM had gone into liquidation, the Isle of Man depositor protection scheme would have kicked in, guaranteeing people payments of only the first £50,000 they had lost, plus anything else the liquidator was able to recover in due course.