Financial Times 16 Nov 09: Icelandic saga yet to end for large depositors in Kaupthing subsidiary

The Isle of Man was the first offshore jurisdiction to introduce a compensation scheme for depositors after the collapse of BCCI in 1991. Last October it was again rocked by troubles elsewhere as Kaupthing Singer & Friedlander (Isle of Man), the local subsidiary of the Icelandic bank, collapsed – leaving 8,000 people at risk of losing £800m ($1.3bn) of deposits. ....

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Note: this article forms part of a 4-page FT Special Report entitled "Doing Business in the Isle of Man"

Full Report here

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