Vantis Plc: Stanford International Bank Limited

The joint liquidators of Stanford International Bank (SIB) wish to advise that from 18 August 2009 onwards they will be able to use funds of SIB in England and Wales to meet essential ongoing operating costs of the Antiguan liquidation.

The Court of Appeal for England & Wales varied the restraint order over the assets, which had previously been obtained by the Serious Fraud Office (SFO) at the request of the United States Department of Justice (US DOJ).

The joint liquidators, Nigel Hamilton-Smith and Peter Wastell, have a further appeal that seeks the discharge of the criminal restraint order obtained by the SFO on behalf of the US DOJ. They are requesting the control of the funds so that they can be distributed to investors and creditors, rather than retained with a view to making them available in future to the US DOJ.

The date of this appeal has been set as 16 November 2009, which will also include a hearing to deal with the US receiver’s appeal against the order of the High Court of 3 July 2009, which gave the Antiguan liquidators control of SIB assets located in England and Wales.

Separately, proceedings continue in Switzerland, Canada and the US in respect of the joint liquidators’ applications for formal recognition of the Antiguan liquidation of SIB and for control of SIB assets located in those jurisdictions.

In the meantime, the joint liquidators continue to deal with investors via the Online Claims Management System (https://stanford.vantisplc.com/) and, to date, over 13,000 investors have accessed the service. The joint liquidators shall continue to verify and confirm claims.

Stanford Trust Company Limited (STC) remains 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 clients and creditors, and know that STC’s clients’ 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

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.

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

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