KSFIOMDAG 10 June 11: KSFIOM claim under parental guarantee upheld by Icelandic Supreme Court

Category: DAG Public News

 

KSFIOM Depositors Action Group has been informed by its Icelandic lawyers that the appeal in relation to the parental guarantee has been won by KSFIOM. The Supreme Court of Iceland has ruled that the guarantee signed by the Icelandic CEO on behalf of Kaupthing hf was valid and binding on the bank. KSFIOM's claim was acknowledged pursuant to its claims before the Supreme Court, under Article 113 of the Bankruptcy Act.

 

The judgment was handed down today, 10 June 2011 and is posted (in Icelandic) on the Court website here

The decision of the Supreme Court is final.

KSFIOMDAG naturally welcomes this decision, but notes that creditors have suffered years of uncertainty and doubt as a result of the dilatory performance of the very institutions and authorities tasked with their protection, and calls on the authorities to put an end to their waiting now by implementing the proposed loan trust

KSFIOMDAG Strategy Team

 

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