Stanford receiver in Antigua still sorting through mess

ST JOHN’S, Antigua, March 26, 2009 – The receiver appointed to take control of the Antigua-based Stanford International Bank (SIB) has said that he is still months away from locating all the assets of that institution.

In the latest update on the situation at SIB, Nigel Hamilton-Smith – who was appointed along with his business partner Peter Wastell at British firm Vantis Business Recovery Services – said that the team is still trying to identify SIB assets.

“This is increasingly a forensic exercise to trace funds that have flowed through other Stanford entities and, due to the scale of this project, is likely to take many months to complete,” he said.

“We are seeking further cooperation with the US Receiver to ensure that all possible assets are located to secure a fair distribution of those assets recovered to investors.”

Hamilton-Smith, whose company was appointed by Antigua’s Financial Services Regulatory Commission (FSRC) in February, said statements have been issued to all investors.

He added that they have also been putting in place a web-based claims management process to assist the efficient administration of claims from investors around the world.