DST Update re claims under Parental Guarantee: 24 Dec 09

Category: DAG Public News

We are sorry that depositors have been faced with the potential worry this issue has created at this time of year, and hope that this update ensures you are not worrying unnecessarily over Christmas.

In a phone call today (24th Dec 2009), Mr Spratt, PWC, Joint Liquidator for KSFIOM, has confirmed to us that PWC will be hand delivering a claim on behalf of the company (KSFIOM) under the Parental Guarantee to the Winding Up Committee in Iceland before midnight on 30th December 2009.

In addition, as a secondary and precautionary measure and to alleviate the worry for many depositors, DST is in the process of obtaining Icelandic representation to act as Power of Attorney to act for any depositors still wishing to make individual claims but unable to deliver them on time. We hope to have this in place on 28th December 2009, bearing in mind the Xmas holiday. In the meantime, if you wish to avail yourself of this possibility, please complete your claim form/s in preparation. We shall issue further information on how to proceed on Monday 28th December 2009. In order to assist you with completion of your claim form, please see the calculator at this link: HERE

Our information is that, due to the legalities of the wording of the Parental Guarantee, it is almost certain that the company claim in respect of KSFIOM to be submitted by PWC will be accepted and individual claims rejected. However we are not able to publish a firm legal opinion on this for the same reasons presumably that PWC have been unable to.

Best wishes to you all and a very merry Christmas.
Strategy Team - KSFIOM DAG


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