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Thursday, May 26, 2011

SIB Gets New Joint Liquidators


Antigua St John's - The Stanford Investment Bank (SIB) has new liquidators, as decided by Justice Mario Michel of the Eastern Caribbean Court of Appeal earlier this month.

The new liquidators, Marcus A Wide of the British Virgin Islands and Hugh Dickson of the Cayman Islands, replace Nigel Hamilton-Smith and Peter Wastell.

Alexander Fundora is the Stanford International Bank Ltd creditor who led the action to appoint new liquidators.

In a recent statement, Hamilton-Smith said his team is now focused on ensuring a smooth handover, including all in-progress claims, to the new appointees.

He said, “The new liquidators will be able to continue the good work in recovering assets for investors – including land assets in Antigua, funds in Switzerland, funds in the UK, and other asset tracing claims that may arise in the future.”

The former joint liquidators had reportedly been able to agree 12,083 investor claims, totalling more than US$4 billion.

“Our primary aim now is to ensure that this progress is continued,” Hamilton-Smith said.

He advised that SIB investors should contact the new joint liquidators at stanford.enquiries@uk.gt.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it for information about their claims.

The outgoing liquidators had previously provided an investor update on April 18, in which they outlined progress to date.

Wide and Dickson bring more than 60 years' combined experience in insolvency, and now specialize in offshore entities and complex and contentious cases. Wide in particular has liquidated over 30 failed banks in the Caribbean.

1 comment:

  1. I doubt Grant Thornton Auditors will be the obedient lap dogs that Vantis was. The Antiguan Government will now be held to task instead of coddled. They'll soon wish they hadn't got themselves kicked out of the British Empire!!

    ReplyDelete