MOSI still waiting for Kaupthing cash

THE Manchester Museum of Science and Industry (MOSI) has clawed back 20% of the cash it lost in the collapse of the Icelandic bank Kaupthing, Singer and Friedlander.

The museum had £923,319 tied up in the bank when it failed in October, 2008.

According to its most recent filed accounts it has received a payment of £184,664 from administrators Ernst & Young but hopes to receive a further £300,000.

Museum director Tony Hill said he did not expect the matter to be resolved for another year or two.

He said: “At this moment in time we’ve received 20p in the pound and I don’t know when the next tranche will come. A return of 50p [in the pound] may be conservative but we’re being pragmatic.

“At the moment that money has gone but if it comes back in it will be a nice boost to revenue.”

Mr Hill said the cash invested with KSF was held in reserve and not instrumental to the day-to-day running of the museum.

“Fortunately we were in a position to write it off,” said Mr Hill. “But it would be nice to get it back within the next 12 months because Government spending is under pressure.”