LONDON--(BUSINESS WIRE)--The Joint Liquidators of SIB, Mr Nigel Hamilton-Smith and Mr Peter Wastell, were appointed by the Financial Services Regulatory Commission of Antigua and Barbuda as Joint Receivers, and subsequently Joint Liquidators, of SIB on 19 February 2009.

Following a decision by the High Court of Antigua on Tuesday 8 June 2010, the Joint Liquidators wish to confirm that the Court has decided that they should be removed from office and alternative liquidators appointed. As at the date of this release, a written judgment has not been handed down by the Antiguan Court.

The Joint Liquidators have been advised by their legal counsel that the basis of the decision, which has as yet only been given orally by the Judge, was incorrect and that it should be urgently appealed to the Eastern Caribbean Court of Appeal.

Since their appointment, the Joint Liquidators have continued to make significant progress in their efforts to recover monies on behalf of the creditors and investors of SIB and, as recently as 7 June 2010, were recognised by the Swiss Financial Regulator as the officers to whom control of the SIB assets in Switzerland, totalling in excess of US$100 million, should pass.

Following extensive negotiations, the Government of Antigua & Barbuda had also recently confirmed that the properties owned by SIB, which the Government had made moves to compulsorily purchase, would be released to the Joint Liquidators, as part of their ongoing efforts to obtain the maximum return for creditors.

In addition, a settlement agreement between the Joint Liquidators and the United States Receiver was reached in late May 2010, which sought to bring to a conclusion the legal challenges that have taken place between them in relation to the assets of SIB that are located in Antigua, the United States, the United Kingdom and Canada.

The Joint Liquidators wish to confirm that they will request a stay in the High Court decision pending their appeal to the Eastern Caribbean Court of Appeal to enable them to remain in office. The Joint Liquidators remain focused on recovering the assets of SIB for creditors. All SIB investors who have not yet registered their claim on the Online Claims Management System should do so via the website at https://stanford.vantisplc.com/, where their claims will continue to be processed.