A masked expat pensioner whose savings are trapped in collapsed bank Kaupthing Singer & Friedlander (KSFIOM) has launched a scathing musical attack on the Isle of Man Government via YouTube.
"Fleeced 2008"'s videos, entitled 'Don't bank on the Isle of Man' (see it here), features expat Evelyn warning would-be offshore savers not to trust the jurisdiction because of its handling of the KSFIOM debacle.
The subsidiary of Icelandic banking giant Kaupthing collapsed last October and since then saver's money has been trapped in the bank except from one early payment from the Isle of Man Government.
Since last week, when the videos appeared on the popular video sharing website, Evelyn has attracted almost 1,700 visitors and gained numerous comments from other angry depositors.
The 68 year old's lyrics, which include: "They'll take all your money, you won't think it's funny; they'll stitch you up if they can, don't bank on the Isle of Man," come as the Isle of Man Government has vowed to speed up the return of depositors' savings.
Tynwald has approved a £193m funding package to bring forward full repayment for the majority of claimants. It estimates over three quarters of depositors will be repaid in full by early September this year.
However, Evelyn, who banked her early retirement savings in collapsed Kaupthing only stands to receive £50,000 of a substantial sum back and says many people who have sold houses abroad and wanted to buy property in the UK are in a similar situation.
Despite the Isle of Man Government's best efforts to return the savings, fellow depositors commenting on the video have branded the Isle of Man "dithering, unprofessional and unsupportive," and "a rotting excuse for a banking centre".
Evelyn hopes her video will publicise the savers' plight and has urged other depositors, particularly with more than £50,000 frozen to make similar videos.
Alastair Lees, a spokesman for KSFIOMDAG, of which Evelyn is a member, says: "I would recommend anyone who has a bank account, insurance policy or investment fund in the Isle of Man to give serious consideration to removing it as a matter of urgency."
"The Kaupthing Isle of Man debacle has demonstrated that this is not a jurisdiction competent to regulate a serious offshore financial centre, he adds."
John Spellman, director of Isle of Man Finance, says: "The Isle of Man Government sympathise with depositors in KSFIOM and we respect their views in relation to the collapse of the bank.
"We continue to work with all parties to return as much of the funds as possible."
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