Saturday 13 August 2011

Questions from International Investors to Grant-Thornton

Now that Grant Thornton have had the opportunity to settle into their new position as Joint Liquidators in Antigua, I have sent them the following questions regarding matters that have been asked before but have received no answers. I am sure that Grant Thornton intend to keep us informed and will be interested to see if they address that matters I have outlined for their attention. Here are the questions I have sent them:


Dear Mr Wide, Mr Dickson and Committee members,

Now that you have had time to assess the situation regarding SIB and now have access to some money to start taking long needed action to try and sort out the mess that has been left in Antigua, I have a few questions that I would like to put before you on behalf of the Investors. These are points that have been raised by many investors over the past two and a half years but to date we have not had anyone we could find that was willing or able to answer.

In view of the openness with which you want to conduct your dealings with SIB I am hoping that you can throw some light on these matters.

1) How much money is in Switzerland, there have been rumours that it is as much as $1Billion US, can you give us some idea if this is true
2) What are you going to do about SDC?
3) Are you going to file against Andria Stolker to try and regain control of the properties in Antigua which I understand she is trying to quietly market, and will you
be able to claw back the money she has made so far with the deals and rental of properties she has engaged in since SIB was closed?
4) How do you propose to market the assets in Antigua, including Maiden Island and Guiana Island?
5) Do you intend challenging the Caribbean banks over BOA? No money has been paid to the receivership for the bank which clearly had a market value, will you be looking at making the “new owners” accountable for BOA’s value?
6) Do you have access to the last set of accounts and valuation of BOA?
7) Are there any plans to take action against HSBC for their role as a correspondent bank?
8) There are Treaties between Antigua and the UK and Antigua and Germany regarding the protection of investors. Do you have any plans to speak to the Antigua/UK/German governments to try get them honoured/enforced?
9) We know that in the months prior to SIB being closed down by the SEC there was a run on the bank (according to reports) to the tune of $2billionUS. Do you have any plans to try and claw back that money for the benefit of all investors?
10) Finally, can you let the Investors know what your position (thoughts) is regarding the US receiver and the US committee. While we all appreciate that you have to have some cooperation with Janvey and the committee, the general consensus is that Janvey is any deals that would allow Janvey to get his hands on any money you are seeking would be equivalent to throwing money away.


I would appreciate these matters being brought up and discussed at the next committee meeting and giving the Investors some clear light as to the direction you are looking at taking.

I would like to wish you and the committee good luck in this very difficult and complicated matter and offer my full support in any way I can be of assistance. The Investors are watching carefully to see how matters are being dealt with, I trust you will listen to our concerns and be as open as possible with us and keep us informed about what is happening on a regular basis.

Yours sincerely

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