Man loses £230k in Icelandic bank crash
A MAN believes he has lost his life savings of £230,000, which he fears have been wiped out by the Icelandic bank crash.
Brian Lewis (67), of Eider Close, Barton-Upon-Humber, had his money in an offshore account with Kaupthing Stringer & Friedlander bank (KSF) on the Isle of Man.
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DISTRAUGHT: Brian Lewis fears he will be unable to recover his £230,000 savings. PICTURE: Carl Gac.
"My wife and I opened an account with Derbyshire Building Society's offshore bank over 16 years ago," he said.
"As I have worked away for 44 years the offshore bank made it easy for me to transfer my monthly salary payments from different parts of the world.
"Derbyshire was taken over by the Icelandic Bank Kaupthing Stringer & Freidlander."
Mr Lewis, who is an engineer, has been working in the Indonesia province of West Papua for three months and returned home last Tuesday, when he had planned to retire.
He said he had been looking forward to spending his savings with his wife Shelia (64).
"This was supposed to be my last working trip, but with all our savings gone, we only have two months' salary to live on," said Mr Lewis.
"I had planned to pay for my daughter's wedding next year, which at the moment just is not possible.
Mr Lewis learnt that because his savings were held on the Isle of Man, they were not covered by the rescue package offered by the British government.
He may eventually get some money back through a scheme on the Isle of Man.
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by Gordon Hickley, London, UK
Friday, December 12 2008, 6:50AM
“Kaupthing Singer & Freidlander Isle of Man was instructed by the Isle of Man FSC to move their deposits to Kaupthing Singer & Friedlander UK after the UK FSC became concerned about the risk of Icelandic banks. This was done because it was felt that deposits would be safer in the UK than syphoned back to Iceland. So KSF IoM transferred 550Million into KSF UK. Then Alastair Darling put KSO UK into administration. KSF Iom deposits are still with KSF UK but likely unrecoverable so no more secure that Iceland.”
by fred, barton
Thursday, December 04 2008, 1:41PM
“boasting brian never mind”
by Hard worker, Barton upon Humber
Wednesday, December 03 2008, 11:45PM
“Sorry to hear your plight and that you have to suffer such ignorance from people on here - if you work hard all your life then you are subjected to abuse from jealous people - please rest assured we are not all the same!”
by Sunil Kunte, Mumbai
Wednesday, December 03 2008, 2:27PM
“Sorry to read about your loss of money, Brian. I sure you will get it back earliest. Time is element.”
by Tony R, Egypt
Wednesday, December 03 2008, 1:25PM
“Brian, what can I say, I know how hard you worked for the money and I also know how much you have shelled out to help others. Please don't pay any attention to the morons negative comments, they are not worthy of consideration. Tony R”