Around 16,000 Belgians that had deposits and balances in Luxembourg’s Kaupthing branch will be expected to receive reimbursements later this week. Their accounts and balances were frozen in November last year shortly after the collapse of the Icelandic banks.The reimbursement day was confirmed in a mutural agreement and statement between the Credit Agricole bank as well at the daughter ban, Keytrade Bank. Investors will be receiving their money back from t hese two banks.
Governments and politicians in both Luxembourg and Belgium have also agreed to grant a loan to Kaupthing in Luxembourg for up to 320 million euros. It was also reported that at the same time Kaupthing will also be reimbursing their Swiss investors.
Oops, looks like I found the wrong court :) . Thanks Steve – I’ll keep an eye on that DAG thread.
Dear Bromley – I actually asked Kaupthing how it went and it all seems done and dusted already. I am very surprised. A legal challenge on a very interesting and unique area of law and no publicity at all? Plot thickens again.
Still trying to track something down, but this is all I’ve got so far:
http://209.85.229.132/search?q=cache:kDL69Qpe1QcJ:212.137.36.113/cms/list_chancery.htm+in+the+high+court+of+justice+chancery+division+friday,+%2210+july+2009%22&cd=1&hl=en&ct=clnk&gl=uk
Funny to see that the slate for tomorrow includes BCCI! More relevantly, Peter Smith in court 61 is busy with other matters tomorrow, so prehaps the Friday hearing was just a one day prelim?
http://212.137.36.113/cms/list_chancery.htm
The root of all these collapses was the action taken by UK government against KSFUK. This was the subject of judicial review as to its legality, in London last Friday. Does anyone have any information about how the review went?