LONDON--(BUSINESS WIRE)--Nigel Hamilton-Smith and Peter Wastell, Client Partners at Vantis Business Recovery Services, a division of Vantis, the UK accounting, tax and business advisory group, were appointed by the Financial Services Regulatory Commission (FSRC) of Antigua and Barbuda as Joint Receivers on 19 February 2009 of Stanford International Bank Ltd and Stanford Trust Company Ltd (together SIB), and this appointment was ratified by the Antiguan Court on 26 February 2009.

Providing an update on proceedings, Nigel Hamilton-Smith said:

“We have now issued statements to all investors who would normally receive them and we have received more than 3,000 change of address and mail instructions, which are being processed on a daily basis. Together with our IT team, we are also putting in place a web-based claims management process to assist the efficient administration of claims from investors around the world.

“We continue in our work 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. We are seeking further co-operation with the US Receiver to ensure that all possible assets are located to secure a fair distribution of those assets recovered to investors. It is worth clarifying again, that though the US Receiver has released some brokerage accounts held with Stanford Group Company, Stanford Group Company is a separate entity to SIB. Where there is any connection between a Stanford Group Company brokerage account and SIB Certificate of Deposits, these accounts remain frozen along with all other SIB accounts.

“While our investigations continue, we are unable to advise of the value of assets we expect to recover, though at this time there does appear to be a significant shortfall of assets against sums owing to investors.”

Further communications will be issued as soon as are practicable.

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.

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