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| Version 3 | Version 4 |
|---|---|
| Couple fear loss of Iceland £1.2m | Couple fear loss of Iceland £1.2m |
| (about 20 hours later) | |
| A couple who put £1.2m from the sale of their family business into an Icelandic bank fear they have lost the money. | A couple who put £1.2m from the sale of their family business into an Icelandic bank fear they have lost the money. |
| The cash was Darren and Ruth Johnston's proceeds from the sale of one of north Wales' biggest caravan parks, Winkups at Towyn, Abergele, in Conwy county. | The cash was Darren and Ruth Johnston's proceeds from the sale of one of north Wales' biggest caravan parks, Winkups at Towyn, Abergele, in Conwy county. |
| The couple, from near Denbigh, invested the money in an offshore bond which was placed in an Isle of Man subsidiary of a failed Icelandic bank. | The couple, from near Denbigh, invested the money in an offshore bond which was placed in an Isle of Man subsidiary of a failed Icelandic bank. |
| The account is not guaranteed by either the British or Isle of Man governments. | The account is not guaranteed by either the British or Isle of Man governments. |
| The family-owned 17-acre holiday caravan and camping park was sold earlier this year after a drop in takings last winter made them fear a recession. The Johnstons invested their part of the proceeds in an offshore bond offered by Royal Skandia. | |
| However, the money was placed in an Isle of Man branch of Kaupthing Singer and Friedlander (KSF), an investment banking UK subsidiary of the failed Icelandic bank Kaupthing. | |
| Royal Skandia have told the couple in a letter: "At this time you are not able to switch money from these deposits to other assets. We recognise that these developments will cause you considerable distress." | Royal Skandia have told the couple in a letter: "At this time you are not able to switch money from these deposits to other assets. We recognise that these developments will cause you considerable distress." |
| Mr Johnston, 43, said: "We're not fat cats, risk-takers or someone gambling on the stock market, just a couple who deposited money where we were advised it would be safe. | Mr Johnston, 43, said: "We're not fat cats, risk-takers or someone gambling on the stock market, just a couple who deposited money where we were advised it would be safe. |
| "Many other people also have their life savings there and we feel helpless and somehow the victims of politics in all this." | "Many other people also have their life savings there and we feel helpless and somehow the victims of politics in all this." |
| The couple, who have two young sons, said they had been told where to invest their money in a high interest account by a financial adviser. | The couple, who have two young sons, said they had been told where to invest their money in a high interest account by a financial adviser. |
| The Johnstons also said they were facing a capital gains tax bill of £120,000 next March for the missing investment. We still pay tax in this country and therefore why aren't we British savers? Darren Johnston | The Johnstons also said they were facing a capital gains tax bill of £120,000 next March for the missing investment. We still pay tax in this country and therefore why aren't we British savers? Darren Johnston |
| Mr Johnston said he had joined a website linking depositors in the Icelandic bank. | Mr Johnston said he had joined a website linking depositors in the Icelandic bank. |
| "If you go to the website and read the stories there are some horrendous stories on there of people that had all their money," he told BBC Radio Wales. | "If you go to the website and read the stories there are some horrendous stories on there of people that had all their money," he told BBC Radio Wales. |
| He said the family did have some money to get by and were also getting help from his mother. | He said the family did have some money to get by and were also getting help from his mother. |
| He said he had a strong message for the UK government who he said "don't want to know". | He said he had a strong message for the UK government who he said "don't want to know". |
| "Basically I don't believe I'm not a British saver. They've made a statement saying they will not let British savers lose money in the Icelandic bank crisis. | "Basically I don't believe I'm not a British saver. They've made a statement saying they will not let British savers lose money in the Icelandic bank crisis. |
| Smaller park | Smaller park |
| "I've paid tax in this country since I had my first job with Bulmers when I was 22. I'm 43 now. | "I've paid tax in this country since I had my first job with Bulmers when I was 22. I'm 43 now. |
| "I don't avoid tax. The product I'm in does not avoid tax. We still pay tax in this country and therefore why aren't we British savers?" | "I don't avoid tax. The product I'm in does not avoid tax. We still pay tax in this country and therefore why aren't we British savers?" |
| Mrs Johnston, 47, a former hairdresser, said : "We feel very angry, frustrated and abandoned. | Mrs Johnston, 47, a former hairdresser, said : "We feel very angry, frustrated and abandoned. |
| "We had wanted the money to tide us over the recession and then had hoped to buy a smaller park which we could manage without staff." | "We had wanted the money to tide us over the recession and then had hoped to buy a smaller park which we could manage without staff." |
| Mr Johnston has written to David Jones, Conservative MP for Clwyd West, who said he was very concerned". | Mr Johnston has written to David Jones, Conservative MP for Clwyd West, who said he was very concerned". |
| The MP said: "I will write to the Treasury and do what I can to help." | The MP said: "I will write to the Treasury and do what I can to help." |
| Royal Skandia said it was in talks with local authorities and the UK government about compensation schemes. | Royal Skandia said it was in talks with local authorities and the UK government about compensation schemes. |
| A bank spokesman said: "We are doing everything we can for our clients." | A bank spokesman said: "We are doing everything we can for our clients." |