DAG Press Release 14 Sept 2009: KSFIOM DAG finds its voice ...

Category: DAG Press Releases

KSFIOM Depositors Action Group finds its voice and the right people are listening

DAG spends hours in discussions with Eva Joly and her team

Depositor uses Fourth Plinth to publicise plight of those who have lost money in KSFIOM

YouTube becomes a focus for depositor frustration

KSFIOM Depositors Action Group (KSFIOMDAG) warns of the perils of depositing in the Isle of Man, after discovering first hand the failures of the regulatory system and the ongoing governance issues that seem to plague this Crown dependency.  But progress is being made as finally it seems that influential parties are beginning to listen and respond to what the DAG has to say.

The IOM depositors compensation scheme is a poor comparison to that of the UK, and once it has paid out there will still be over 3,000 people affected by the financial crisis that was caused by the catastrophic decision of the Isle of Man regulator and the bank’s directors to place over 50% of the banks assets in its UK sister bank. Factor in the incompetence of the UK FSA in failing to protect this money for depositors as the FSC has always maintained it believed it had, and we have two financial regulators, huge failings and no one taking responsibility some 11 months on.

Spokesperson for the DAG says: "Our frustration continues - our experience of the Isle of Man and the way it operates should deter others from trusting their money to this jurisdiction. The island is incapable of acting independently.  At each court hearing the judge presiding over the depositors’ case faced his own brother acting for the opposition as the Attorney General to the Treasury. Little wonder, we feel, that when the DAG managed to defeat the IOMT’s inadequate proposals to avoid liquidation, the Treasury succeeded in rejecting the request to cover legal costs depositors had incurred, instead the Deemster awarding costs but making the compensation be paid out of depositors’ funds! Surely a decision such as this would not be allowed in any other UK court.

The media on the island is owned by the Government, and two of the directors of KSFIOM, now a failed financial institution, still hold senior regulatory positions as the Chairman of the IPA and Vice-Chair and Commissioner of the FSC.   Depositors expect professionals to operate independently and in depositors’ best interests. There is little except own interest visible in what has being going on before, during and since the demise of the bank.”

Depositors continue to use all means possible to publicise their case. On Saturday a depositor used the Fourth Plinth in Trafalgar Square to convey his message to the UK and IOM leaders. Many depositors have used You Tube to vent their frustration.

The DAG itself is committed to maintaining its coordinated efforts and on Friday spent a few hours with Eva Joly, special advisor appointed by the Icelandic government to assist in the Icelandic investigation, prior to her meeting with the Serious Fraud Office.  Eva and her team are committed to getting to the truth behind the demise of the bank.

People are beginning to listen to what the DAG has to say and support its efforts to get 100% return for all depositors.

To see Fourth Plinth activity: http://www.oneandother.co.uk/participants/Nixi

To view selection of You Tube videos:

http://www.youtube.com/watch?v=Ul-j3tj6gc4
http://www.youtube.com/watch?v=peDceRSJIgs&feature=related
http://www.youtube.com/watch?v=lJDiUDaxBCM&feature=related

For further information please call 020 3286 3458 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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