Update on Stanford International Bank

 

TIDMVTS 
 
RNS Number : 4257N 
Vantis PLC 
10 June 2010 
 

 
 
For immediate release 
10 June 2010 
                     Vantis plc ("Vantis" or the "Company") 
 
         Update on Stanford International Bank - in Liquidation ("SIB") 
 
The Board of Vantis announces that on 8 June 2010 the High Court of Antigua (the 
"Court") gave judgment on the position of Mr Nigel Hamilton-Smith and Mr Peter 
Wastell (the "Joint Liquidators") as Joint Liquidators of SIB. 
The Court has determined that the Joint Liquidators should be removed from 
office and alternative liquidators appointed. 
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. 
The Company confirms that the Joint Liquidators will request a stay of the High 
Court decision pending their appeal to the Court of Appeal. Despite this 
decision, the Joint Liquidators remain focused on recovering the assets of SIB 
for the benefit of creditors. 
 
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. The ability of the Joint Liquidators to 
act in Switzerland is dependent on the final decision made by the High Court of 
Antigua. 
 
As announced on 3 June 2010, the Company continues discussions with both its 
debt providers and other parties as part of its ongoing plan to reduce the 
Company's level of debt. 
 
A further announcement will be made as and when appropriate. 
 
For further information: 
+--------------------------------+--------------------------+ 
| Vantis plc                     |         [phone] | 
+--------------------------------+--------------------------+ 
| Paul Jackson, Chief Executive  |                          | 
+--------------------------------+--------------------------+ 
| Stephen Smith, Finance         |                          | 
| Director                       |                          | 
+--------------------------------+--------------------------+ 
|                                |                          | 
+--------------------------------+--------------------------+ 
| Investec Investment Banking    |         [phone] | 
+--------------------------------+--------------------------+ 
| David Currie, Martin Smith     |                          | 
+--------------------------------+--------------------------+ 
|                                |                          | 
+--------------------------------+--------------------------+ 
| Buchanan Communications        |         [phone] | 
+--------------------------------+--------------------------+ 
| Richard Darby, James Strong    |                          | 
+--------------------------------+--------------------------+ 
 
Notes to Editors 
 
Vantis plc is the AIM listed leading UK accounting, tax and business recovery 
and advisory group, focused on helping owner-managed businesses and high net 
worth individuals successfully achieve their personal and business aspirations. 
 
Services are provided locally and nationwide by experienced professionals and 
specialist industry teams who offer comprehensive sector knowledge and product 
expertise.  Vantis strives to provide all clients with successful, bespoke 
solutions to help generate and preserve their wealth. 
 
The Vantis group offers a range of specialist skills including Accounting, 
Taxation, Business Advice, Corporate Finance, Asset Finance, Forensic Accounting 
and Dispute Resolution, Business Recovery & Personal Insolvency Services, 
Restructuring and Turnaround Services, Outsourcing, Management Consultancy, 
Company Secretarial, Customs Duty Recovery and Advisory Services, Independent 
Financial Advice, High Net Worth Services and Sports Advisory Services and 
Solutions. 
 
The Vantis group has approximately 1,000 staff operating from 16 locations 
throughout England. 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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