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| Kaupthing in Isle of Man put into liquidation |
| Wednesday, 27 May 2009 18:30 |
 The bank Kaupthing Singer & Friedlander in the Isle of Man has been put into liquidation but the claim owners did not approve last week the plan of the government in the Isle of Man that 54% of the savings owners in the bank would be paid back their funds within 3 months and 75% would get their funds paid back within 2 years. The court of Manx, capital of the island, ruled today that the branch of Kaupthing Singer & Friedlander should be put into liquidation. At the same time has the balance insurance system of the government put into effect in the island. The newspaper Daily Telegraph says that this result is a victory for the roughly 10 thousand savings owners who hadfunds in the bank. Kaupthing Singer & Frieldander in the Isle of Man was an independent branch of Kaupthing Singer & Friedlander in London. The savings owners have not been able to get their funds since last October when the English FSA put Singer & Friedlander into moratorium. Now when the bank has been put into liquidation will the automatically get half of their balances immediately. It then depends on how well the assets of the branch will sell and how much will be made to cover the remaining claims. The claim owners have also demanded that there would be an official investigation of if 550 million pounds were transferred from the headquarters of the bank in the Isle of Man to Singer & Friedlander in London shortly before the collapse of the bank. Because of the actions of the English government against the Icelandic banks have these funds been frozen. "This is a joke which has very serious consequences," says David Greene, lawyer of the savings owners.
News Article by noname Translated by Anya Original Article in Icelandic
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