Winding-up Committee (WuC) der Kaupthing macht Management Entscheidung rückgängig

17. Mai 2010

Kaupthing hat heute folgende Pressemeldung verschickt:

Rescission of cancellation of personal liability

The Winding-up Committee of Kaupthing Bank has this morning sent a letter of notification to about 80 employees of old Kaupthing regarding the rescission of a decision to cancel personal liability for loans, which the Bank issued to former executives and key employees for the purpose of purchasing shares in Kaupthing Bank. The Board of Directors of Kaupthing Bank had passed a resolution to remove personal liability for the loans on 25 September 2008. The loans amounted to almost ISK 32 billion. Approximately ISK 15 billion of the amount were issued in loans with personal liability. By far the largest portion of these loans was issued to the senior management of the Bank. Some 20 former employees owe the Bank about 90% of this total amount. Most of these employees held key managerial positions and all have now terminated their employment.

Loans to employees for the purchase of shares

The background to this case is that during the period 2005–2007, Kaupthing Bank made special stock option agreements under which the Bank i.a. issued loans to employees to buy shares in the Bank, against collateral in the shares themselves. Employees assumed total or partial liability. In most cases, the loan agreements were such that the relative debts had not reached maturity by the time Kaupthing Bank failed on 8 October 2008. The employees’ shareholdings in the Bank now have no value and the collateral pledged against the loans is therefore worthless.

In September 2008, the finances of Kaupthing Bank’s employees were discussed by the compensation committee of the Bank. It transpired that, in the committee’s opinion, a number of the Bank’s key employees were facing severe financial difficulties as a result of the Bank’s declining share prices. In its view, it was important to ensure that these key employees could concentrate on their tasks and the committee was also of the opinion that their financial difficulties should be resolved. These employee loans were discussed at a meeting of the Board of Directors of Kaupthing Bank on 25 September 2008. At this meeting, the Board of Directors agreed to authorise former CEO Hreidar Mar Sigurdsson to remove the employees’ personal liability for the loans that had been granted to purchase shares in the Bank and to henceforth limit their liability in pledged shares.

The Winding-up Committee considers the commercially unjustifiable cancellation or release of personal liability on borrowings from the Bank to be a rescindable transaction under the provisions of the Bankruptcy Act, and one which, moreover, diminishes the value of the estate belonging to the Bank’s creditors. A decision has therefore been made to rescind this cancellation and the relevant individuals and companies have been informed of this rescission by letter. If the due loans are not settled within the 10-day deadline, the Winding-up Committee shall refer the relevant cases to the court of law.

Rescission of the transfer of loans to private limited companies

Most employees bear partial or total personal liability for the loans they took from the Bank. Early in 2006, the Icelandic Financial Supervisory Authority (FME) authorised employees to transfer the loans they had received for the purchase of shares to private limited companies. About 10 of the employees concerned availed of this authorisation and transferred the debts, which they had incurred with the Bank for the purchase of shares, from private ownership to private limited companies. The Winding-up Committee of Kaupthing Bank will by every means available rescind those transfers of loans to private limited companies.

Das WuC hat heute eine Entscheidung des früheren Top-Managements rückgängig gemacht, wonach das frühere Management sich selbst von der Haftung bezüglich Krediten zum Aktienkauf ausgeschlossen hat. Diese Entscheidung steht vermutlich im Zusammenhang mit den vorausgehenden Verhaftungen in den letzten beiden Wochen. Eine Übersetzung ist mir aus Zeitgründen leider nicht möglich. Zur Not hilft aber natürlich auch google (klicken für übersetzte Version), wenn auch teils sehr schlecht. Zum Verstehen des Inhaltes genügt es meist 🙂

Kommentare als RSS

Einen Kommentar schreiben

Du musst angemeldet sein, um kommentieren zu können.