Liquidators removed from Stanford case

High Court Justice Errol Thomas has ruled in favour of Canadian investor Alexander Fundora to remove the Antigua-appointed Vantis Business Recovery Services from the Stanford case.

Fundora, who is reported to have lost millions of dollars in the Antigua-based Stanford International Bank Ltd, has been waging a campaign to get Vantis fired as liquidators of the bank's assets.

Vantis, a British Accounting firm, which is overseeing the recovery and distribution of the bank's assets, will continue the job until the court selects a replacement.

Fundora argued that Vantis destroyed, employed improper practices in relation to computer and electronic data in Canada; failed to cooperate with foreign agencies and office holders, notably the US receiver, the US Securities and Exchange Commission and the Canadian Autorite des Marches Financiers; acted outside the remit of receiver-managers; demonstrated a disregard for the Canadian jurisdiction and courts, and as a result, occasioned serious harm to the liquidation estate and creditors.

The company was appointed liquidators by the High Court of Antigua and Barbuda on April 15, 2009 upon the application of the Financial Services Regulatory Commission, the offshore banking regulators in St John's.

Fundora is one of more than 100 people claiming an estimated US$70 million in losses from Stanford International Bank.

Allen Stanford and three executives of his now defunct Houston-based Stanford Financial Group face a criminal trial on charges including money laundering, wire and mail fraud.

They deny the allegations.

A jury trial is scheduled for January 24, next year.

-CMC