Kaupthing Bank has now confirmed that it will pursue a legal challenge against the British government for forcing its UK subsidiary Kaupthing Singer & Friedlander into administration.
The bank has been considering its options in regard to legal action for some time and employed British lawyers earlier in the winter. The bank argues that the forced administration of its UK arm effectively served to collapse the entire bank, which would not have happened otherwise were it not for the actions of the British government.
Kaupthing confirmed that it has the full support of the Icelandic government in pursuing its case. The Icelandic government may also offer its support to Landsbanki, should that bank choose to take action against the British government for having used anti terrorism legislation against it.
Prime Minister Geir Haarde and Foreign Minister Ingibjorg Solrun Gisladottir met with representatives of Kaupthing’s investigating committee today and have already had a similar meeting with Landsbanki, MBL.is reports.
Prime Minister Haarde said it is unlikely that the Icelandic government will legally challenge the British government directly, but that a solution through the International Court in The Hague will at least be considered by the cabinet.
Four British legal companies have been preparing the Kaupthing case, but probably only one will take the case to the British courts. The deadline runs out at 16.00 on Wednesday. A statement from the Prime Minister’s office says that Landsbanki is working to a different deadline.
The Icelandic cabinet will discuss the matter in detail tomorrow.
More details on IceNews as they become available.
Hi Readers,
We all know that Kaupthing has nothing to do with the problem of icesave. The fact that the icelandic government did not seem to have made any firm committment at the very beginning of the crisis to settling the accounts of the UK depositors of icesave, did not mean that the UK government action against Kaupthing was justifiable. Their action pushed Kaupthing into serious problems. Therefore, they should be held accountable for any damages done to the bank by their unjust action. Usually, this kind of bullish action is taken against third world countries by the UK. However, Iceland is part of the first world and for that matter has always ranked top of the UK in the world ranking of developed countries. Iceland must fight back in a civilised court. Forward with Iceland.
Mr. K. Ceesay.
I hope there will be a time also to pursue a legal challenge against the Icelandic government, so immensely negligent.
So the UK government was supposed to just sit by and watch the run of Kaupthing Edge deposits continue, knowing that the Icelandic government was unable to stand behind its banks? Instead it lent over £2 billion to the Financial Services Compensation Scheme to clean up the mess that was caused by incompetence and greed in Reykjavík. And now the very same incompetents have the gall to waste money that should be going to Kaupthing creditors on a London law suit! These people have no shame – tarring and feathering would be too good for them.
The U.K government thinks Iceland is Some 3rd world country,so Gordon Brown applied some bully tactics using anti=terrorist laws instead of diplomacy just because Iceland is small, but they are no pushovers! Go ahead Iceland , sue them and make Gordon Brown do time , he seems power drunk!
Good Luck !
I hope for the best.
Great news
i hope they screw Gordon Brown and find him to be an idiot , What he helped to do to a nation is terrible and discusting
Enjoy your Icelandic ego messaging exercise.
As long as the British lawyers are paid up front I see no harm in this, although I’d prefer the billions Iceland has taken from EU nations to be repaid first.
The british law firms that handle this for KB have done research on this matter and believe they have a strong case, if they win they will sue for damage compensations and they will be high,
i trust the British courts and will aggree with what ever they decide, this is the best way to find out who is right.
STEALING MONEY LIKE THAT IS NOT TERRORISM IS WORST THAN THAT, ICELANDERS ARE NOT TERRORISTS, BUT THE PEOPLE THEY CHOOSE TO GOVERN THEM ARE!!
Axel said:
“The british law firms that handle this for KB have done research on this matter and believe they have a strong case, if they win”
Actually four different British law firms investigated and apparently only one believes they have a case.
I’d say there is absolutely zero chance of KSF winning its case, for many reasons. This exercise is for the Icelandic electors benefit or more specifically the slimy politicians who are using this to avoid blame.
The English law firms will be paid whatever happens, this is a mere transfer of hard currency (much needed in Iceland) to English lawyers who can probably get to the end of the month just fine thank-you-very-much but will take money from fools when they can get it.
No wonder Geir Haarde needs armed guards when he goes to the gym: he should be looking for a home outside of Iceland if he happened to have any sense.
THE ICELANDIC MAFIA ALLIED WITH BANKS IS WORSE THAN TERRORIST.
ROBBING THE MONEY (FOOD, RENT, MEDICINES,ETC..) OF THOUSANDS OF OLD DISABLED, PEOPLE, UNEMPLOYED WOMEN, AND POOR WORKERS, LETTING THEM WITH NOTHING AND NOT BEING ABLE TO PAY FOR A ROOF AND FOOD… WHAT IS THAT IF IT IS NOT TERRORISM??
THANKS THAT THE UK POLITICIANS STILL LOVE PEOPLE, BECAUSE IF NOT, THOUSANDS OF MORE BRITISH WOULD HAVE TO SPEND THEIR XMAS AT THE SALVATION ARMY… WHILE THE ICELANDER WOULD HAVE BEEN SPENDING THOSE PEOPLE’S SAVINGS IN BUYING NICE CLOTHES AND XMAS PRESENTS BURNING THEIR CREDIT CARDS IN REYKJAVIK…
WHAT ICELANDIC BANKS HAVE TO DO IS TO PAY BACK TO THE SAVERS ALL THE MONEY. AND START TAKING RESPONSIBILITY FOR THEIR OWN MISTAKES, INSTEAD OF BEING FOOLS.
WHAT ARE THEY GOING TO CLAIM? THAT THE BRITISH GOVERMENT CAUSED LOSSES IN THE BANK… HAHAHAHAHA, WHAT DID THEY LOOSE? NOTHING!! THE MONEY WASN’T EVEN THEIRS… IT IS OF THE PEOPLE OF ENGLAND. AND IN ENGLAND HAD TO STAY!
My personal problem with this whole sueing thing is: If they win the banks will indeed sue for damages. That money will go to the banks.
However, and this is the more likely turnout: If they lose, then it is not the banks that will be repaying the debt but the Icelandic taxpayer.
Regardless of many folks thoughts, most Icelanders (I would guess more than 50%) did not live extravagantly or benefit an any way from this fiasco that we find ourselves in now. Most are normal everyday folks that had to buy a house because you have to have a place to live. Of course the house was grossly overpriced and the loan they had to take was grossly mismanaged by the banks (got to love the Indexing they add to it). So, most Icelanders that bought a house in the past 3 years are now effectively screwed.
But less we forget, the ones that actually benefited from this banking system, well they are doing just fine I am sure.
If you ask a british law firm to investigate to sue the british government ofcourse it will say no. Its their country they will be fighting against. I dont think law firms are that stupid. At least one said Iceland had a case so thats not bad reason to persue.
Good luck Iceland and i hope they do as the truth will come out for KPL.
wow, how blind can somebody be, or wants to be, do you really belive that Iceland is in this situation because Gordon brown? pleaseeee!!!!! this idiots will only waste time and money, there is alot but alot of evidence that what happened in iceland is not because Gordon brown, its because the icelandic goberment and banks, it is very clear.in March Brown oferd iceland a 200 millon pound insurence to insure the britiah accounts and everyybody would be happy, because in march they new this was happening, but they said no, we just dont wat to pay for the isurence, but you have to buy the banks from us, ofcorse Brown is not stupid like our people, then in july brow offered the solution again, and they still wanted to get money out of their thefth, it was ovious that iceland was allready planning on defoulting their dept, but broun decided to protect his people, very simple I give you one chance, I give you another , sorry you dont want it I take measures. good for Brown. If he wouldent have done that insted of 8 billion pound iceland would have stollen 12 billion fron brithis citizens, at leas he saved something, otherwise he would be now just with a promise of 12 billion pounds that iceland will naver paid.
Seems to me that most people have not read what the press release from the Icelandic Government ACTUALLY says:
“Legal counsel were of the opinion that there was SCANT POSSIBILITY that the Icelandic government could have the Freezing Order invalidated by a UK court. They provided detailed grounds for this conclusion, based on legal principles and precedent in the UK, and were of the opinion that the legislation granted the UK authorities very broad authorisation to apply the provisions on freezing of assets. They were also of the opinion that there was NO PROBABILITY OF THE ICELANDIC STATE BEING AWARDED COMPENSATION by a UK court as a result of the Freezing Order. The Icelandic Attorney General and the Foreign Ministry’s expert in international law agreed with this opinion.”
@Gus and everybody
Here is the original article about “Island Sinbabve norðusins” It was published in The Hufftington Post. wow this is just terrible for the image of Iceland not that it has any but the one they are trying to rebuilt on lies and economic missleads. but im glad its comming out.
http://www.huffingtonpost.com/iris-lee/iceland—-the-nordic-zim_b_155375.html
black jack 1:
“If you ask a british law firm to investigate to sue the british government of course it will say no. Its their country they will be fighting against. I dont think law firms are that stupid.”
You don’t know British Law firms or the British legal system, suing the UK government is common occurrence. We have a healthy democratic system, obviously unlike your country.
Julia Set said:
“The Icelandic Attorney General and the Foreign Ministry’s expert in international law agreed with this opinion.””
Thats a key point, an Icelandic expert on International law doesn’t think they UK has broken international law.
Its that clear.
PAY ICELAND PAY, YOU WERE IN HEAVEN NOW YOU ARE IN HELL, WHO ARE THE RICH NOW?? ARROGANCE, IGNORANCE, INCOMPETENCE, AIRS OF SUPERIORITY, LACK OF MODESTYAND AND STYLE OF LIFE BACKED ONLY BY THE HONEST SAVINGS OF THOUSANDS OF HONEST WORKERS IN FOREIGN COUNTRIES… HAHAHAHA, WHAT A BIG SHAME REALLY!!!
MORE THAN 50% OF ICELANDERS NOT LIVING ABOVE THEIR POSSIBLITIES? CAMO ON!! MOST OF YOU GOING TWICE AND THREE TIMES ABROAD TO MAKE USE OF THE FAKE STRONG KRÓNURS AND BUY HERE AND THERE AS IF YOU WERE THE OWNERS OF THE WORLD.. SUCH A LACK OF MODESTY HAVE NEVER BEEN SEEN BEFORE. I HAVE NEVER SEEN THE COMMON WORKERS OF ANY COUNTRY HAVING THE LIFE STYLE THIS PEOPLE HAVE HAD HERE IN THIS COUNTRY DURING THE LAST YEARS. A TOTALLY OUT OF MEASURE SPENDING OF MONEY. A MONEY THAT THEY NEVER OWNED…
NOTHING LIKE THIS HAVE EVER SEEN BEFORE, THIS COUNTRY IS CRACKING EVERYWHERE AND IT IS NOT BECAUSE OF AN EARTHQUAKE.
WHEN THE POLITICIANS AND THE NEWS WHERE CELEBRATING THE SUPERIORITY AND EXCLUSIVITY OF THE ICELANDERS, MAKING ICELANDERS BELIEVE THAT THEY WERE SOMEHOW ABOVE THE REST OF HUMANITY, YES, WHEN THEY DID THAT ALL THE ICELANDERS WHERE SMILING WITH THEIR EGOS UP IN THE SKY LIKE A BALOON… INCOMPETENCE AND ARROGANCE OF A GOVERN, IGNORANCE AND LACK OF MODESTY IN THIS NATION.
Intresting…I thought Fishy said there was no such thing as a central bank in another post site. Well, this is just the beginning people. The british will contenue to try and crush the Icelandic system through their british branch until Iceland falls and eather becomes ruled by another country or it joins the EU to be ruled by the majority of EU nations.