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EMAIL TO ROSEMARY PENN, CHAIRPERSON OF FSC 20/01/2008 | Kaupthing Singer & Friedlander Isle of Man (ksfiom) Depositors Action Group



Dear Rosemary

We write to you as Chairperson of the FSC, respected Magistrate, Barrister at Law, and Member of the British Empire.

Attached are two recent press releases on behalf of the KSFIOM Depositors Action Group, which call for immediate action from the Isle Of Man Government to follow the examples of their colleagues in the UK and Ireland and ensure depositors do not lose out due to the actions of the governments and regulatory authorities in those countries.

Depositors would like to be shown evidence (minutes of meetings, phone calls, correspondence etc.) of all the communication that took place between the FSC and the FSA resulting in the transfer of £550m of their deposits to KSF London. It is this single event, depositing such a large proportion of KSFIOM assets in one place without protection or legal recourse for creditors, that ultimately led to the demise ofthe bank. Requests to be shown this information which have been made to date have been declined.

We hope that you, in your respected capacity as Chairperson of the FSC, can help the 10,000+ stricken depositors caught up in this debacle find peace of mind, and represent our request to the Board of Commissioners of the FSC to ensure that your standards of transparency and clarity for depositors are upheld. Since we have been told nothing untoward happened in these conversations, there should be nothing to fear and everything to gain from the truth being brought into the public domain so that depositors at least know that the IOM authorities and the FSC in particular did everything they could to protect the assets of the bank.

We wait to hear from you


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