A loan book valued at £300m relating to superyachts and private aircraft built up by the busted Icelandic bank Kaupthing Singer & Friendlander (KSF) has been put up for sale through Ernst & Young. The full loan book of the bank amounted to some £2bn with funds being provided to prominent city business people. No specific detail on the yacht deals is available but it provides another insight into the impact of the downturn.

SB understands that loans were made available to such business entrepreneurs as property developers Nick and Christian Candy and Simon Halabi, the property investor. Out of the total £2bn, an estimated £1.2bn was lent to individuals including the £300m on yachts and aircraft.

Ernest & Young have circulated details of the debt to various potential purchases in a bid to realise as much as possible for the creditors. The UK's Serious Crime Squad is also looking in into the bank's business activities in London prior to its demise in October 2008 when it went into administration.


Superyacht Business / David Robinson, 27 January 2010