Receivership Settlement Agreement Approved in Canada

The Ontario Superior Court of Justice and the Quebec Superior Court have both approved a settlement agreement by and among the Receiver, the Interim Receiver appointed for Stanford International Bank in Quebec, the Ontario attorney general, and others.

The settlement agreement addresses the disposition of Stanford assets in Canada that had been frozen by the Ontario attorney general. The approval of both the Quebec and Ontario courts was required because both courts had asserted jurisdiction over the Stanford assets in Canada. Pursuant to the Canadian settlement, approximately $18 million will be turned over to the United States Department of Justice by the Ontario attorney general. Pursuant to the separate Settlement Agreement and Cross-Border Protocol, entered into by and among the Receiver, the United States Department of Justice, and others, the United States Department of Justice will then turn the funds over to the Receiver for distribution to the victims of the Stanford fraud. Additional amounts may be returned to the United States for distribution by the Receiver following further proceedings in Ontario. Please click here to view copies of the Canadian orders.

Read More: http://sivg.org.ag/topic194.html

For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group – SIVG official forum http://sivg.org.ag/