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Royal Skandia is a leading provider of offshore savings products and offers a range of innovative and market-leading investment solutions to investors around the globe.
At the core of all our solutions is a passion for providing the opportunities
for you to build a strong financial base, and a commitment that goes
beyond money to help you towards your goals. Royal Skandia Life Assurance Limited – holdings in Kaupthing Singer and Friedlander (Isle of Man) Limited Further to our previous updates regarding this matter we can confirm that today, the court adjourned the petition for the winding up of Kaupthing Singer and Friedlander (IOM) until the 29 January 2009. This will give the relevant Governments and interested parties time to consider alternative and more beneficial options for depositors, than would be available under formal winding-up procedures. Royal Skandia representatives attended court and supported the adjournment. Along with other members of the Manx Insurance Association, Royal Skandia will continue to strongly and vigorously lobby at the highest level for further negotiations to urgently take place regarding the release of frozen funds and press the relevant Governments to reach a satisfactory conclusion for this matter. As soon as we have any further information we will pass this on to you but, in the meantime, please monitor our website and be assured of the importance Royal Skandia places on this issue, the high level of attention it is receiving and the utmost urgency with which we view its resolution. Please follow this link to see our current Q&A on the outcome of this meeting. Impact on charges For all portfolio bonds that have a deposit with Kaupthing Singer and Friedlander we will exclude these assets in calculating any charges due that are based on fund value. Charges will continue to apply as normal on investments in other assets. The waiver on charges will continue until we have confirmation on the value of these deposits with the bank. When this clarification is received we will review the position. This change took effect immediately following notification of the position at Kaupthing Singer and Friedlander and will be taken into account in the next set of charges that are due to be deducted at the end of November, and will be reflected on the next quarterly valuation statements due to be issued in January. View a statement from Mike Simpson - Liquidator Provisionally of Kaupthing Singer & Friedlander (Isle of Man) Limited. Details of the Isle of Man Government's response to the situation can be found at the following web address:
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Information on this site about Royal Skandia is not intended for Hong Kong residents. Royal Skandia does not offer investment advice and information on this site should not be construed in this way.
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