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EMAIL TO MICHAEL WELDON FSC, cc JOHN ASPDEN 01/02/2009 | Kaupthing Singer & Friedlander Isle of Man (ksfiom) Depositors Action Group



Dear Sirs

I am a member of the KSFIOM Depositors Action Group and have been since Oct 2008. Up until now I have tried to give the IOM and various Authorities there the benefit of my doubt – unfortunately this has now stopped.

I have been reading your affidavit, submitted to the Court for the Hearing that took place on 29th Jan 2009, and other related documents supplied by Tony Shearer and IOM Government as written evidence to the UK Treasury Select Committee meeting set for the 3rd Feb 2009. I have some points that need answers:

Your affidavit:

Point 3 states ‘the Commission has had very little time to formulate a response’ – well you have had since 27 Nov 2008. Now you only have until the 12th Feb 2009.
Point 5, 7, 10 & 11- your opinion is that the SoA is ‘supported’ by creditors. I am interested to know where this information came from, as I for one will not be supporting a SoA
Point 6 – you state ‘ to allow the proposed SoA to be progressed’, again you have already had 60 days to prepare this document, and it seems to me that someone is dragging their feet in its preparation
Point 7 – you state ‘a SoA which is designed to provide benefits..’, I as yet cannot see any benefits of an SoA over the DCS
Point 8 – you state ‘before the funding “sunset clause” of the 23 Oct 2009’, meaning that this will terminate on 23 Oct 2009. Having spoken to several advocates on the IOM, the document you refer to be operable from 8 Oct 2008 until 8 Oct 2009, although revised on 23 Oct 2008, there is nothing to say that it runs for 12 months from any revised date. I am surprised you do not know that.
Point 10a) – covered in 2 above.
Point 10b) – the timescales at present for a SoA or a DCS are approximately the same.
Point 10c) – there is no timescale for any of the items you mention there, and it could in fact be longer to have money returned under a SoA than a DCS.
Point 10d) – at present our Group cannot ‘continue support’ as it has not been granted in the first place.

So to summarise, in my personal view, unless there is another option on the table that provides depositors with a 100% return of their deposits, the only avenue left open to me is to vote for the DCS to be triggered – why – because a) under the DCS, the timescale will be the same as a SoA, b) under the DCS we retain our legal rights to take court action against others and c) under the DCS there is no means of terminating it once started (Lovells affidavit states that the Scheme administrator can terminate the SoA when they deem fit).

Now to other matters. In my opinion the time has come to stop playing political games and provide the truth.

  1. I know that minuted meetings must have taken place between FSC/FSA/KSFIOM during the months leading up to 8th Oct 2008, so I believe it is time to let us see the recorded minutes of these – after all the IOM talks about transparency in its dealings – lets see some in action.

  2. Why were your regulations broken in respect of transferring money from KSFIOM to KSFUK

  3. Moving money from KSFIOM to KSFUK would not protect it from K hf, as it could call upon that money from either bank – so what were the real reasons for the very large monetary transfers to KSFUK?

  4. Within any ‘Nation’ with financial services there is always the ‘four eyes’ – please tell me who they are for the IOM.

  5. As Head of Supervision for the FSC, what was your role in the sequence of events up to 8th October 2008?

  6. As Head of Supervision for the FSC, what did you actually do to prevent this catastrophe?

  7. Why was there not a ‘proper’ Parental Guarantee drawn up instead of a few words on the back of a fag packet?

As a closing note, I am the Pensioners Group Manager for the Action Group, and there are several members in their 80's, who have worked many years to accumulate their savings. There is the distinct possibility that whilst some are seen as playing political games, these members may never see their hard earned cash during their remaining life span. This is becoming past a joke, it is life threatening and serious.



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