COALICION VICTIMAS DE STANFORD AMERICA LATINA (COViSAL)
May 12, 2014
Open Letter from COViSAL to the Joint Liquidators and the High Court of Justice of Antigua and Barbuda objecting to letter of “Preference” Payments and “Proposal”
The Joint Liquidators Proposal to Stanford’s victims: Pittance, intimidation, or both?
On February 17, 2014, COViSAL denounced the Joint Liquidators’ actions to claw back funds from innocent victims by sending a very damaging letter asking for the return of money withdrawn from their accounts during the six months prior to the collapse of the Stanford International Bank Limited (“SIBL”). They demanded a response within 120 days of receipt of the letter. COViSAL’s response can be read at http://www.scribd.com/doc/223742781/Correspondence-from-COVISAL-February-17th-2014-English
The Joint Liquidators of SIBL, Marcus Wide and Hugh Dickson of Grant Thornton, then sent another letter dated April 9, 2014 to a select group of innocent Stanford victims with a proposal titled: Stanford International Bank Limited in Liquidation – Proposal re Preference Claims and Distribution Process.
The letter states that innocent victims received “preference” payments under the Joint Liquidators interpretation of the International Business Corporation Act (“IBCA”) of Antigua. We have reason to believe that their attempts to recover the alleged “preferential” payments are flawed under Section 204 of the IBCA.
To read the full transcript click here.
For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group – SIVG official forum http://sivg.org.ag/