Statement from Receiver-Managers to Stanford International Bank Limited and Stanford Trust Company Limited
LONDON--(BUSINESS WIRE)--Nigel Hamilton-Smith and Peter Wastell, Client Partners at Vantis Business Recovery Services, a division of Vantis, the UK accounting, tax and business advisory group, were appointed by the Financial Services Regulatory Commission (FSRC) of Antigua and Barbuda as Joint Receivers on 19th February 2009 of Stanford International Bank Ltd and Stanford Trust Company Ltd, and this appointment was ratified by the Antiguan Court on 26 February 2009.
Hamilton-Smith comments:
“We are now in the process of issuing current statements to all Stanford International Bank (SIB) clients, advising them of the balance of their investment accounts. Unfortunately, as our and the US Receiver’s investigations continue into establishing the assets held by SIB, the accounts of all investors with Certificates of Deposits (CDs) in SIB remain frozen.
“Following a statement from the US Receiver on 2nd March, outlining the potential release of some accounts of a value less than $100,000, there has been some confusion. To clarify, this statement relates to broker managed investment fund accounts held with Stanford Group Company; this is a separate entity to SIB. As our investigations continue at SIB, it is necessary to protect all assets, which unfortunately requires CD accounts to remain frozen. Whilst we realise this is causing extreme concern for SIB clients, it is essential to ultimately ensure the fair distribution of assets.
“We are in contact with more than 60 international financial institutions and corporations with whom we understand SIB had investments, to determine the nature and value of this portfolio. Our investigations have shown that substantial amounts of SIB’s assets were invested via other Stanford Group companies and we note, again from the press statement of 2nd March 2009 released by the US Receiver, that from the work he has undertaken in the United States of America (US) he believes the financial position with Stanford is “dire”. We are seeking early clarification on the US Receiver’s findings and the impact they have upon the investments made by SIB on behalf of its clients.
“Separately, we are in frequent communication with the Antiguan Government to ensure that any land assets located in Antigua found to have been acquired with monies from SIB, are protected for the benefit of SIB clients and creditors.”
Further communications will be issued as soon as are practicable. For further information investors and creditors should visit www.vantisplc.com/Stanford or email stanfordenquiries@vantisplc.com
Ends
Vantis Business Recovery Services is a trading division of Vantis Group Ltd, which is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Vantis Group Ltd is a Vantis plc group company.
Vantis is the AIM listed UK accounting, tax and business advisory group.
Contacts
Media contact only for Vantis Business Recovery Services:
Kate Macnamara
PR Account Director
Gyro International
+44 (0) 7788 572271
kate.macnamara@gyrointernational.com
or
Richard Darby/Chris McMahon
Buchanan Communications
+44 (0)20 7466 5000