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Friday, May 11, 2012

SIB Joint Liquidators Propose Solution To DOJ

Source Caribarena
Antigua St john's - On Friday, May 4, 2012, the Joint Liquidators (“JLs”) of Stanford International Bank Limited (SIB) made a serious proposal to the US Department of Justice (“DOJ”) to resolve the ongoing argument over priority, in the interest of saving costs and to accelerate an orderly distribution of frozen assets to the victim creditors of SIB. The JLs seek to recover the overseas frozen funds of SIB that are in its bank accounts overseas or which were stolen from SIB and placed in others accounts overseas so that they can be promptly distributed by the JLs to the creditors of SIB of which 99.916% are victims of the Stanford fraud. The JLs are acting under the auspices of their accounting firm Grant Thornton, the 5th largest accounting firm in the world. The JLs’ proposal to the DOJ which is now posted on the website calls for an interim distribution no later than September 30, 2012 by the JLs to the victim depositors of no less than 80% of the frozen liquid funds. Accordingly, the JLs urge all depositors of SIB to file their claims with the JLs as set forth in the above referenced website as quickly as possible so that they will be in a position to make receive the distribution as of September 30, 2012 if the proposed compromise with the DOJ comes to fruition.

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