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/



‘No monies are available’, liquidator tells former SDC workers

Displaced Stanford employees picketed the offices of Grant Thornton on Thursday, December 11, 2014. (OBSERVER media photo)

Displaced Stanford employees picketed the offices of Grant Thornton on Thursday, December 11, 2014. (OBSERVER media photo)

Joint Liquidator for Stanford Development Company (SDC) Ltd, Marcus Wide has told former workers of the fallen R allen Stanford empire that demonstrations will not change the fact that “no monies are available” to pay outstanding severance.

His response came a day after ex-employees staged yet another protest outside the local Grant Thornton Office on Tuesday.

In an email to OBSERVER media, Wide said there is still no money to pay the employees’ claims.

He said the liquidators have continued talks with prospective buyers for Stanford’s properties with the hope of making a sale; however, those discussions have not borne fruit.

“So far we have not been able to get offers at what we consider to be fair value. We cannot force buyers, with the money to pay, and willing to pay proper prices, to come forward,” Wide wrote.

“We have been overly optimistic with respect to sales prospects in the past and find it difficult to make any predictions on timing,” he added.

Wide also told the former workers that the local Grant Thornton office is not involved with the Joint Liquidation of SDC.

He said the process involved himself and another liquidator, Hordley Forbes.

“The process of winding up Stanford Development Company Ltd is distinct from the process of winding up Stanford International Bank, as the creditors of each and their assets are different and cannot be intermingled,” Wide noted.

The former employees of the disgraced financier have agitated for years for the monies due to them.

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/



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/


Government Eyes Stanford Lands

The Antigua and Barbuda Government plans to make an offer to the Joint Liquidators of the Stanford Development Company (SDC) for the purchase of the Pavilion Restaurant and seven acres of adjacent land.

This comes out of a meeting of the Cabinet on Wednesday. Reliable sources say the decision to procure the property which sits within the precincts of the V.C. Bird International Airport is influenced by a number of factors……..

Read The Full Article 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 Land Portfolio Brings $60M

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Chinese firm YIDA purchased 1,522 acres of developable land in Antigua, on the mainland and on three adjacent islands.

ANTIGUA—CBRE has completed the sale of developable land along the northeastern coast of Antigua. The portfolio is comprised of approximately 987 acres on the mainland, plus three adjacent islands for a combined total of approximately 1,522 acres.

Marketed as part of the Stanford International Bank dissolution, the land was acquired by YIDA International Investment Antigua Limited for US $60 million.

The Chinese firm plans to create “Singulari,” a multi-billion dollar mixed-use project including a golf resort, several five-star hotels, a horse track and residences stretching from the Crump Peninsula to Guiana Island.

“This transaction is an economic game changer and represents a tremendous opportunity to elevate Antigua’s position as a major Caribbean destination,” said Jeff Woolson, the managing director of CBRE’s Golf & Resort Group. “Singulari will be the largest resort development in the Caribbean since Baha Mar in the Bahamas”.

CBRE’s United States-based Golf & Resort Group teamed with the Caribbean office of UK-based real estate advisory firm Smiths Gore and local agent Gilbert Boustany to collectively represent the joint liquidators of the Stanford International Bank in this transaction.

Join the Debate here:

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