Isle of Man News - POSTED Fri 13-11-2009

Directors speak out for first time

by Manx Radio

Directors speak out for first time

'A cloud of secrecy' surrounds the actions of the United Kingdom regulator which caused the collapse of Kaupthing Singer and Friedlander Isle of Man.

That's what the second session of the Tynwald Select Committee on the affair was told today by managing director of the bank Aiden Doherty.

Mr Doherty was appearing with the Manx directors of the bank which failed in October 2008.

The collapse came after the UK Financial Services Authority placed the deposits of the Manx bank's UK sister company into trust, forcing KSF (IOM) into liquidation.

There will be be a full report on Mandate PM, at 5.30 this evening.

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