Walsall housing bosses still missing out on Icelandic bank collapse cash
A housing group that invested £2 million in a doomed Icelandic bank has still not received all of its money back - six years after it collapsed.
Walsall's former Caldmore Area Housing Association which is now known as Caldmoreaccord is still £200,000 short of re-cooping its cash even though it has been trying to claw it back for four years.
The group, which looks after more than 7,200 homes, joined forces with other UK charities that had also invested in the collapsed Kaupthing Singer & Friedlander (KSF) bank in an attempt to get its money returned back in 2010. The £2m investment was due to mature in 2009.
It launched legal action with other charities against the bank.
At the time of the bank's collapse association bosses said there were sufficient cash reserves saved in its Royal Bank of Scotland account to keep it going.
But the social landlord, which has offices in Caldmore Green, Caldmore, and in King Street, Darlaston and in Sandwell, has since merged operations with Accord Group to secure its future.
Kaupthing ran into trouble six years ago after it invested in European retail groups, racking up debts of more than £3 billion, to help fund British deals.
Other charities which had invested in the bank included the Cats Protection League.
The social housing landlord has maintained it was confident of getting back the money.
In a statement Caldmoreaccord said: "We have no further update at this time but we continue to work closely with the bank's liquidators to recover remaining outstanding balances."
The association went back into the black in 2011 after merging operations with West Bromwich based Accord to cope with the Icelandic banking crisis.
Wyre Forest District Council which invested a total of £9m in Icelandic banks has reclaimed more than £6.7m. It had also invested in Kaupthing Singer & Friedlander, and the Heritable and Landsbank banks.
