Kaupthing Isle of Man GBP10 000 Compensation Start
Published / Last Updated on 30/01/2009
Kaupthing Isle of Man £10,000 Compensation Start
Investors in the offshore arm of Icelandic Bank Kaupthing Singer & Friedlander look set to start to receive some of their capital back assuming a vote is approved by the Isle of Man Government on 17th February.
The proposal called a ‘Scheme of Arrangement’ proposes to increase the initial compensation from £1,000 to £10,000 which, is cliamed would fully compensate roughly 40% of investors with plans to have 54% of investors fully repaid within 3 months, 65% within 12 months and 71% within 2 years.
There is still a question over the success of this scheme as the Depositors Action Group is lobbying for the Scheme of Arrangement to not be accepted and that the DAG wants appointed Liquidator to put the Bank into full liquidation.
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