EIGHTH REPORT OF THE JOINT LIQUIDATORS OF STANFORD INTERNATIONAL BANK (IN LIQUIDATION)

To view the Eighth Report of the Joint Liquidators of Stanford International Bank (In Liquidation, 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/



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Grant Thornton to Issue Claims Cheques Directly

For future reference all payments will be issued by cheque direct from Grant Thornton and sent to the registered address of the claim victim.

Marcus has been made aware of all the problems that victims have had in receiving payments from ItalBank and in light of all the complaints has decided to sever Grant Thornton’s original arrangement to have payments sent through ItalBank.

The initial concept was because of the problems experienced mainly by the Latin American victims who were not receiving payments coming from Gilardi on behalf of the payment schedules from Ralf Janvey.

It was thought that working with ItalBank (a Latin American Based Bank) and allowing the Latin American victims to be able to open accounts for their payments would help address and solve the problem. Unfortunately this was not the case and ItalBank seemed to have created more problems than they solved.

Marcus Wide has asked that any victim that has experienced difficulty in receiving their payments should make Grant Thorton aware of their problems and Grant Thornton will check the claims and where payment has not been received, they will remedy this oversight.

Please do not waste time and money by making spurious claims that have already been paid, but genuine oversights by ItalBank will be addressed and oversights rectified.

Marcus Wide has made his personal email address available so that he can monitor and have knowledge of the problems.

All outstanding – unpaid – claims should be sent to either

marcus.wide@uk.gt.com or Stanford.enquiries@uk.gt.com

 

Read Read more Here:

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/


Antigua’s New PM signs MOA for EC $2 billion project

This is good news. Antigua recently held elections and a new PM was elected the Honourable Gaston Brown. Mr Brown has signed the Memorandum of Agreement for the development of Guiana Island to Yida. The agreement by the Antigua government to allow the construction of a five five-star hotel will enable Grant Thornton to proceed with the sale to Guiana Island to Yida who will be keen to develop the island…..And in turn provide more money to be returned to victims from the sale. 

ST JOHN’S, Antigua – One day after taking up the position of Prime Minister, Gaston Browne has signed a Memorandum of Agreement (MOA) with Yida International Investment Antigua Ltd to pave the way for a two-billion dollar investment project in this twin-island-state.

According to a government press statement, the MOA emerged after an eight-hour session of negotiations on Saturday, June 14.

Yida International is expected to invest over 200 million dollars annually in the economy over the next 10 years, as well as provide an Antigua & Barbuda presence in the People’s Republic of China to attract additional economically viable investments.

PM Browne stated, “I promised the people that my administration would bring the type of investments to the country that will transform Antigua & Barbuda into an economic powerhouse and I am serious about that promise. “This Memorandum of Agreement is the result of our determination to work in the interest of the people of the country,” he added.

Yida investors say the initiative will see the transformation of Guiana Island and surrounding lands via the construction of five five-star hotels. 

Thirteen hundred (1,300) residential units, a casino, conference centre, 27-hole golf course, marina and landing facilities, as well as a commercial, retail and sports facility will also be built.

Attorney General and Minister of Justice and Legal Affairs, Immigration and Labour, Steadroy Benjamin, who witnessed the MOA, said the new Antigua & Barbuda Labour Party (ABLP) is about delivering for the people of Antigua & Barbuda.

Benjamin pointed out, “We were elected convincingly by the majority of the people of the country and we are committed to live up to our promises. One major promise is to provide jobs. This project will ensure that we move people from unemployed to being employed.”

During the lead up to the 2014 election, Prime Minister Browne vowed that his administration, when elected, would bring tangible investments that will generate much needed economic growth for the country.

To join the debate 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/ 

 

 

Letter from COViSAL to JLs, Amicus Curiae & High Court of Antigua – June 11, 2014

June 11, 2014

Marcus Wide & Hugh Dickson
Joint Liquidators of Stanford International Bank (in Liquidation)
Email:Stanford.enquiriesPuk.gt.com

The Eastern Caribbean Supreme Court in the High Court of Justice
Antigua & Barbuda
Attn. Deputy Registrar: Ms. Tracey Ann Samuel
Email:hctanu@candw.ag

Mr. Lenworth Johnson, counsel as Amicus Curiae; Email:mail@iohnsongardiner.com

Re.Claim No. ANUHCV 2009/0149 – In the Matter of Stanford International Bank Limited (in Liquidation), the International Business Corporation Act, Cap 222 of the Laws of Antigua and Barbuda, and an Application seeking the Court’s Directions, Marcus Wide and Hugh Dickson as Joint Liquidators of Stanford International Bank Limited (in Liquidation).

COViSAL is a group of more than 1,500 international families, including my own, victims of the pyramidal fraud perpetrated by R. Allen Stanford who have gathered together to defend our rights in the Coalicion Victimas de Stanford America Latina (“COVISAL”).

On February 17, 2014, the Joint Liquidators of Stanford International Bank Ltd. (“SIBL”), Marcus Wide and Hugh Dickson of Grant Thornton, sent a letter to Stanford’s victims alleging they received “preference” payments. Such a claim is based on the Joint Liquidators interpretation of the International Business Corporation Act (“IBCA”) of Antigua. We believe that the Joint Liquidators attempts to recover the alleged “preference” payments are flawed under Section 204 of the IBCA, and are not supported by the law. This IBCA Act applies to the corporation itself, its affiliates, directors, officers, and share holders, and not to depositors.

SIBL’s depositors were bound by agreement with the bank – Account Application, General Terms and Conditions and Terms of Deposit

SIBL’s depositors of CDs filled out and signed a Depositor’s Account Application subject to the Bank’s General Terms and Conditions and Terms of Deposit. The latter permitted depositors to make withdrawals from their CD accounts at any time up to 4 times a year. (See enclosed copies of bank’s documents). Depositors who made withdrawals in accordance with the Terms of Deposit where simply following guidelines set forth by SIBL and were in no way responding to preferential treatment……………….

To read the full Letter 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/

 

Grant Thornton Notice to Creditors Re Net Wins and Preferences

The Joint Liquidators determined after taking appropriate legal advice that certain payments made by Stanford International Bank Limited (whilst it was still operating) were made in a way that they should be “clawed back” into the Liquidation estate, and re-distributed amongst all the of the creditors/victims. In effect, the Joint Liquidators say that these payments were made from money that should have been available to all victims, not just the few. The Joint Liquidators have provided, or will provide, written notice to all those who received such payments, also described as “Net Winners” or Preferences Recipients”, of this position. If all such amounts were recovered and re-distributed, this would result in an additional 24% of their approved claims to the 80%+ of creditors/victims who did not benefit from these payments.

To read the full transcript along with the Amicus order issued by the court 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/