Last updated: 2 July 2009
Stanford Trust Company Limited (STC) remains in receivership whilst the receiver-managers continue their investigation into the affairs of STC.
STC is not currently in a position to formally agree claims with its clients and creditors. The liquidators of SIB are, however, aware of the position of STC and its creditors and know that claims will be formally registered with SIB in due course.
What is a Receivership
A Receivership is a process whereby a receiver is a person who becomes responsible for preserving the Company’s assets and establish its liabilities.
- My account at the Stanford International Bank (SIB) is frozen. What does this mean and can I cash my Certificate of Deposit?
No. As all accounts are frozen there can be no withdrawals.
- What do I need to do to submit a claim for the monies due to me?
All investors and depositors will be sent a statement showing the amount of money due to them. Please review this statement and contact stanfordtrustenquiries@vantisplc.com if you believe this statement to be incorrect.
- Is my bank statement available online as usual?
No. Bank statements are no longer available to view online.
- How do I request my “hold mail”?
Please submit your requests for hold mail to stanfordtrustholdmail@vantisplc.com.
Click here to download the hold mail form.
- Who are the Financial Services Regulatory Commission?
Information on the Financial Services Regulatory Commission can be found on their website at http://www.fsrc.gov.ag/.
- How long does this process last and when can I expect to receive the monies available to me?
The length of time this process takes is dependent on the time taken to recover and realise all the assets of STC and SIB. Unfortunately, this means that it is uncertain how long this process will last and if / when you will receive monies due to you.
- How much am I likely to receive?
The amount you receive will be dependent on the level of realisations from the assets of STC and SIB and the level of claims received.
- How are funds distributed? Is there an order of priority?
The Receivers aim is to ensure that all investors and depositors are treated equally. However, given the worldwide activities of SIB, there will be different laws in different countries that will have to be managed as and when funds are available to be returned to investors and depositors.
- How will monies be paid to investors / depositors?
Depositors and investors will be contacted when we have a clearer picture of any payments to be made and advised of the arrangements in due course.
- What is the status of instructions already submitted to the Trustees?
The bank is not dealing with any further instructions not already dealt with as the bank accounts have now been frozen.
- Can I send requests for information to STC?
No. All enquiries should be directed to stanfordtrustenquiries@vantisplc.com.
- How do I advise the Bank and the receivers of a change of address?
Please note no email requests to change addresses will be processed, all such requests should be made in writing by completing the relevant form below:
Click here to download the change of address form.
Alternatively email stanfordtrustenquiries@vantisplc.com and a form will automatically be emailed to you.
- I have heard that the US Receiver is looking to release funds to investors with less than $100,000 invested in Stanford. Does that mean I will receive any monies from SIB?
We understand that the US Receiver is referring solely to clients who held brokerage accounts with Stanford Group Company where assets are held in client’s individual names. Regrettably this does not relate to the return of monies for clients who held Certificates of Deposit issued by SIB and all sums invested in SIB remain frozen.
- Should I consult a lawyer?
From the Receiver’s perspective, having a lawyer will not cause for you to be paid any monies any earlier than any other investor, and failure to appoint a lawyer will not prejudice your status as a party owed money by Stanford International Bank or Stanford Trust Company Ltd.
- Will I be sent a statement showing the amount of money due to me?
All investors will be sent a statement showing the amount of money due to them.
The receiver-managers are still in the process of issuing statements, these may take up to a further three weeks to reach you.
Due to the volume of enquiries we will not be responding to emails advising us that a statement has not yet been received until after 5 April 2009, by which time the statements should have been received by all those clients that normally received their statements by mail.
Please review this statement and contact stanfordtruststatements@vantisplc.com if you believe this statement to be incorrect.
- How do I register a claim?
Due to the volume of email claims we are receiving we are not currently able to reply individually confirming receipt of these claims.
We will post on this website how you can register your claim in due course.
There is no need at this stage to email us details of your claim.
- My account with Stanford International Bank is through Stanford Trust Company Limited - in Receivership (STC). How do I register my claim?
STC is still in Receivership and is not currently in a position to formally agree claims with its clients and creditors. Please also note that you will not be able to register a claim through the Stanford International Bank Limited (SIB) online claims management system at this time . The Liquidators of SIB are, however, aware of the position of STC and its creditors, and know that claims will be formally registered with SIB in due course and STC will advise you at a later date how you can register your claim.