Kaupthing Singer & Friedlander - Isle of Man

In the last few weeks we have been approached by a number of depositors with Kaupthing Singer & Friedlander (Isle of Man) Limited ("KSF IOM"), who wish to obtain legal advice concerning the status of their funds.  Many of our clients are in a similar situation:

• they are depositors with KSF IOM;
• they requested that their funds be transferred from KSF IOM to a different bank in England or the Isle of Man;
• KSF IOM processed the transfer via Kaupthing Singer & Friedlander Limited ("KSF UK");
• KSF UK either received the funds, or requested that the funds be transferred to their ultimate destination, on or prior to 8 October 2008;
• the proposed transfer was to take place through the CHAPS system;
• the funds were subseqeuntly returned by the CHAPS clearing bank to KSF UK. 

We have analysed the legal position and have also obtained an opinion from specialist counsel.  We have identified a route by which our clients, and depositors in a similar situation, may be able to recover their funds.

Gibson & Co

9 December 2008