03/07-09   -   Press releases

Ruling in Favour of Vantis Plc for Stanford International Bank Limited

The joint liquidators of SIB, Nigel Hamilton-Smith and Peter Wastell, wish to advise that the High Court of Justice of England & Wales has today ruled that the Centre of Main Interest of SIB is Antigua and Barbuda, and not the United States (US). As such, the Antiguan liquidators should be formally recognised in the United Kingdom (UK) as the party to whom control of the UK assets of SIB should be passed.

Today’s judgment follows a hearing that took place over three days, from 10 to 12 June 2009, to decide who should be afforded control of the assets of SIB which are located in the UK, and which total in excess of US$100 million.

The position was contested between the joint liquidators and Ralph Janvey, the receiver appointed in the US by the Securities & Exchange Commission (SEC).

Nigel Hamilton Smith, client partner at Vantis Business Recovery Services and Joint Liquidator of SIB, says:

“We shall now be liaising with the relevant financial institutions, as well as the SEC and the Serious Fraud Office, to ensure the release of these funds to the control of the joint liquidators, which will ultimately form part of the monies that will in due course be available for distribution to the investors and creditors of SIB.

“Legal proceedings continue in the United States, Switzerland and Canada for the same recognition and control of SIB´s assets, and we hope that the decision in the United Kingdom will now assist in formal co-operation being achieved between the joint liquidators and the US appointed receiver, to seek to avoid significant further legal costs being incurred from the estate of SIB in relation to recognition and control."

Quite separately, the joint liquidators also wish to announce that the recently developed Online Claims Management System for investors is now fully activated with effect from 3 July 2009. Investors may register their claims against SIB by visiting https://stanford.vantisplc.com

In addition to providing investors with a cost efficient and secure method of registering their claim, once registered, they will be able to monitor the status of their claim and receive updates directly from the joint liquidators on the progress of the liquidation. For investors who do not have access to a computer or do not wish to register online, it will remain possible to submit their claims in writing directly to the joint liquidators via the headquarters of SIB in Antigua (Address: Stanford International Bank – In Liquidation, No. 11 Pavillion Drive, St John’s, Antigua, West Indies).

Please note, if your account with SIB is through Stanford Trust Company Limited – in Receivership (STC), you will not be able to register a claim through the SIB Online Claims Management System at this time.

STC is still in receivership and is not currently in a position to formally agree claims with its clients and creditors. The liquidators of SIB are, however, aware of the position of STC and its creditors and know that claims will be formally registered with SIB in due course.

Further communications will be issued when practicable.

For further information, investors and creditors should visit www.vantisplc.com/Stanford or email stanfordenquiries@vantisplc.com

Notes to the editor

Vantis plc is the AIM listed UK accounting, tax and business recovery and advisory group. 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.