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Saturday, May 21, 2011

Statement from FRP Advisory LLP regarding Stanford International Bank (SIB) – in liquidation

16 May 2011


Following a claim made to the Eastern Caribbean Court of Appeal, Nigel Hamilton-Smith and Peter Wastell have been removed as Joint Liquidators to Stanford International Bank – in liquidation.


Nigel Hamilton-Smith said: "Our focus is now on ensuring an effective and speedy handover to the new Joint Liquidators, so that investors suffer no more delays. 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. We were able to agree 12,083 investor claims, totalling more than US$4 billion and our primary aim now is to ensure this progress is continued. All in-progress claims will be passed to the newly appointed Joint Liquidators, Marcus Wide and Hugh Dickson at Grant Thornton BVI. SIB Investors should contact stanford.enquiries@uk.gt.com for all investor enquiries going forward.


The previous Joint Liquidators provided an update for investors, published on 18 April 2011, outlining progress to date and this can be viewed in full at http://www.frpadvisory.com/stanford/update-from-the-joint-liquidators-of-stanford-international-bank-20110418.html

1 comment:

  1. It should be interesting to see what the Antiguan Governments reaction will be to having to deal with an organization (Grant Thornton) which far exceeds the influence, reach and resources of Antigua. By the time this is over, I would expect the Antiguan Government will owe the Stanford investors a huge multiple of the Half Moon Bay settlement.

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