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Bell pledges action on missing KSF funds
GOVERNMENT will take whatever action necessary to clarify what has happened to Kaupthing Singer & Friedlander (IoM) Bank depositors' cash.
And Treasury Minister Allan Bell hasn't ruled out a legal challenge.
In the House of Keys this week, David Cannan (Michael) demanded to know where 550million sent to Kaupthing in London had gone as depositors who made withdrawals from Kaupthing Singer & Friedlander (IoM) days before the demise of KSF in the UK were unable to access their funds.
Mr Bell admitted there was a 'problem with funds in transfer' and said Treasury and the provisional liquidator were working hard to try and find a solution.
Peter Karran (LibVan, Onchan) called for a legal challenge in the UK courts to try and ring fence the money.
Mr Bell said: 'I am sure government, if it's felt appropriate, will take whatever legal action necessary to achieve clarification as to what's happened and achieve the best way forward for the depositors.'
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Weather for Isle of Man
Wednesday 08 February 2012
Today
Sunny spells
Temperature: 3 C to 4 C
Wind Speed: 23 mph
Wind direction: South
Tomorrow
Light rain
Temperature: 7 C to 8 C
Wind Speed: 20 mph
Wind direction: South west
