Antigua court seeks to remove Vantis from Stanford liquidation

Liquidators from
Vantis
working on the Stanford case have been removed from their posts by the Antiguan
courts – a decision they are appealing.

The High Court of Antigua decided that Vantis’ Nigel Hamilton-Smith and Peter
Wastell, joint liquidators of Stanford International Bank, should be removed
from office and alternative liquidators appointed.

A written judgment from the court has yet to be handed down.

Hamilton-Smith and Wastell have been advised by lawyers that the judge’s
decision was “incorrect”, and that it should be “urgently appealed” to the
Eastern Caribbean Court of Appeal.

“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,” the liquidators said in a
statement.

In recent days Vantis had flagged up better fortunes for the long-running and
complex liquidation process, including reaching a deal with the US receivers
over who would deal with its assets across various international locations. On 7
June the liquidators were recognised by the Swiss financial regulators as the
officers to whom control of SIB assets in Switzerland, totaling more than $100m
(£68m), should pass.

They had also recently been given the go-ahead to sell off land owned by SIB,
from the Antigua and Barbuda government.

Further reading:

Vantis
looks to restructure to reduce debt burden

Antiguan
assets give Vantis a lifeline

Vantis
uncovers $6bn Stanford black hole