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Category: DAG Public News


The Strategy Team for KSFIOM Depositors Action Group are pleased to announce two important new events in our battle to recover our funds from KSFIOM.  The first is the arrival of this shiny brand-spanking new website which is the official website of the KSFIOM Depositors Action Group.  The second is that we have now established the DAG as a limited company in its own right.


Why have we taken these steps and what are the benefits?

We have set up the new website for several reasons. 

First and foremost we wanted to have a single combined site which offers easy to find, informative content for the public and a private area only for validated KSFIOM depositors and bondholders. We want the members’ area to be a secure, safe and easy to use forum just for depositors and bondholders.   The restricted access will provide for greater openness and will enable members to support each other, present ideas, make comments and receive information. 

Until now there have been two separate websites which have been mainly used by people interested in our plight.  One is an information site (www.ksfiomdepositors.org) and the other is a forum and chat site (www.chat.ksfiomdepositors.org).  Both are open to anyone to browse and to join. 

Ng, who is the owner of those sites, has indicated that he did not want to run both sites in future, particularly the public site.  Neither of the sites is funded by DAG.  The sites have been invaluable to depositors and bondholders since this debacle began in October 2008 and we all owe a debt of gratitude to ng for setting them up so quickly and operating them so well since that time.  DST feel that setting up a new site is a way to make a fresh start to DAG’s presence on the world wide web and of relieving ng from the burden of running two sites.

We hope you will agree that the new site is fresh, professional and easy to navigate.  If you are a depositor or bondholder please register using the form provided and browse around the new members-only area.  Once you become a member of the site you become a member of KSFIOM Depositors Action Group. 

We want the members’ area to be inclusive and to encourage greater participation from members who may have been intimidated by the rough and tumble of the existing chat site.  We do not want to see the kind of excesses that have appeared on the chat site to date as we feel that this has been putting off a lot of people from making valuable contributions.   The members’ area will be moderated to keep a lid on excessive slanging matches.   We look forward to seeing you inside and getting your views and support in running our campaign. We know that you will let us have your comments!

KSFIOM Depositors Action Group ‘Ltd’

In addition we have created a new legal identity for DAG by setting up a limited company called: KSFIOM Depositors Action Group.  The company is registered in England and Wales and is a company limited by guarantee.  This means that there are no shareholders and that no profits can be distributed from the company in the form of dividends.  All the money gets used for the express purposes of the business which are to recover 100% of all funds on behalf of depositors and bondholders of KSFIOM.  As the company does not have shareholders it instead has members (that’s us!) who provide a ‘guarantee’ to the company’s trading partners in the form of a nominal £1 per member which would only become due if the company becomes insolvent.

The company will be funded from voluntary donations to the Fighting Fund, as before.

The main reason for setting up the company is that it provides greater flexibility in running our campaign.  Up to now, because the DAG had no legal identity of its own, we have had to rely heavily on individual members to do things for the group as a whole.  Some invaluable members have paid bills for the group, put their name to legal actions, retained legal and other advisers, designed logos, set up Twitter accounts, you name it – all as individuals!

Now the company will be able to do these things as representative of all its members.  For example the company is the owner of the new website, paid for its development and owns the domain name.

Everyone who joins the members’ only area of the website (ie they are validated depositors or bondholders) becomes a member of the company.  Sign up, get involved, have your say!

 

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