Stanford Guilty but Victims in Limbo

Stanford Guilty but Victims in Limbo

Stanford Guilty but Victims in Limbo
Antigua St John's - The Coalición Víctimas de Stanford América Latina (“COViSAL) has acknowledged the recent news about R Allen Stanford’s guilty verdict as partial justice.
Jaime R Escalona, leader and founder of COViSAL, explained: “This decision would allow attorneys pursuing lawsuits against third parties to access records and documents indispensable to successfully achieving their actions.”

Escalona added, “The guilty verdict has defined Mr Stanford’s future in jail; however, the future of thousands of innocent victims around the world continues to be one of poverty and uncertainty.”

COViSAL asked the US Department of Justice, the US receiver, Ralph Janvey, and the joint liquidators of the Stanford International Bank (“SIBL”) in Antigua, Marcus Wide and Hugh Dickson, “To sign a Cross-Border Insolvency Cooperation Protocol to allow for the recovery of assets without duplicating efforts or expenses and without any further delay.”

This co-operation protocol would oblige both parties and compel them to implement only one “process of claims certification". It would also oblige them to formally elaborate joint reports to give the judicial process the transparency it lacks.

COViSAL is still waiting for an official written response from the joint liquidators of the SIBL to the letter sent to them last February 8, in which COViSAL presented their objections to the formal claims process implemented by the Joint Liquidators last January 18.

COViSAL requested, among other things, to immediately amend the “Proof of Debt” process and to make account statements available to all creditors.

Escalona concluded, “COViSAL sadly observes how the possibility of receiving an economic relief to mitigate the suffering of thousands of innocent retirees, desperate for the lack of their savings, vanishes in fees and useless legal fights. We beg the competent authorities to now focus their efforts on helping the real victims by implementing an initial distribution of the $330 M of our savings confiscated in England, Switzerland, and Canada. It is our money after all. Please don’t waste it.”

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