Tuesday, May 05, 2009

Public Announcement Issued by the Commission on Stanford Fund

Recently two public statements were published by the BVI FSC, concerning Stanford International Management Limited (Licensee) and International Fixed Income Stanford Fund Limited. The statements issued by the Commission on these two companies belonging to the Stanford Group, followed a directive issued on 3 March 2009 by the Commission to the BVI-registered Fund and to the Licensee.

The directive issued to the Stanford company required, until further notice of the Commission, to suspend all activities relating to the management of assets of the Stanford Fund, and all activities relating to the management of assets of any mutual fund or other entity for which the Licensee provides management services; and to provide reports to the BVI FSC concerning total assets under management of the company, fees earned or charged to the Licensee for any kinds of activities, and the details of all litigation involving or affecting the Licensee.

The directive issued to the Stanford Fund required it, until further notice of the Commission, to suspend the subscription of shares by new and existing investors, redemption of shares by investors, and the payment of the proceeds of the redemption of shares. Also, the Fund was obliged by the Commission to submit reports on the details of its total assets, number of investors, and details of investments in the Fund, as well as details of all litigation involving or affecting it.

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