The total amount of claims made to the insolvency estate of the Icelandic bank Kaupthing is ISK 7,316 billion (USD 57 billion, EUR 41 billion), compared to the exchange rate of the Central Bank of Iceland on April 22, 2009. The claims are higher than debts, according to the balance sheet of June 30, 2009.
The headquarters of Kaupthing in Reykjavík. Copyright: Icelandic Photo Agency.
This was revealed in an overview published by Kaupthing’s insolvency committee on Friday. The total number of claims made before the deadline of December 30, 2009, is 28,167. They came from 119 different countries and around half of the claims are interest rate claims from Germany, visir.is reports.
Among the largest claimants are domestic individuals, domestic and foreign banking institutions, foreign investment funds, enterprise funds, mutual funds and hedge funds.
Individual claimants include former Kaupthing chairman Sigurdur Einarsson, who is making a claim for unpaid wages worth ISK 244 million (USD 1.9 million, EUR 1.4 million). The bank’s former CEO, Hreidar Már Sigurdsson, appears not to be among claimants.
The highest claim for unpaid wages was made by Charles Martin, who was hired to organize Kaupthing’s operations in its Tokyo branch, which never opened. His claim for ISK 764 million (USD 6 million, EUR 4.2 million) has been rejected.
In fact, only one claim for wages has been accepted with amendments.
Among funds making claims to Kaupthing’s insolvency estate is Euro Investments Overseas, which is owned by Robert Tchenguiz and registered in Tortola, Morgunbladid reports.
The fund is claiming ISK 317 million (USD 2.5 million, EUR 1.8 million), of which ISK 244 million (USD 1.9 million, EUR 1.4 million) is being claimed as compensation.
Kaupthing’s loan book, which leaked last year, stated that Tchenguiz, who used to be on the board of Exista, Kaupthing’s majority shareholder, owed the bank EUR 1.4 billion (USD 2 billion).
Exista is also making high claims to the bank’s insolvency estate, ISK 262 million (USD 2.1 million, EUR 1.5 million).
The combined claim of Icelandic pension funds to Kaupthing’s insolvency estate is ISK 65 billion (USD 510 million, EUR 360 million), which is lower than their combined claim to the insolvency state of Landsbanki of ISK 100 billion (USD 790 million, EUR 560 million).
The explanation for the total amount of claims to Kaupthing being higher than debts is that claims are being made because of deposits which have already been paid out, visir.is reports.
The insolvency committee has made a decision on more than 16,000 claims, approximately 57 percent of the total amount.
The committee’s decisions will be explained during a meeting with claimants on January 29 at the Hilton Hotel Nordica in Reykjavík and again on May 18. A third meeting is scheduled for next autumn.
Click here to read more about claims made to the insolvency estates of the Icelandic banks.