Sunday’s April 26th online edition of the Guardian carried the news that yachts worth up to £90 million could be left unfinished after administrators to the British arm of failed Icelandic bank Kaupthing ‘pulled the plug’ on further payments.
The private banking arm of Kaupthing Singer & Friedlander had lent more than £200 million to customers to buy yachts by the time administrators from Ernst & Young were appointed in October 2008.