Stanford Group Aruba declared bankrupt
- January 14, 2010 6:03 AM
On December 11, 2009 the Court of First Instance of Aruba declared Stanford Group Aruba N.V. bankrupt and appointed Jeannot de Cuba of law firm VanEps Kunneman VanDoorne as bankruptcy trustee.
The petition to declare Stanford Group Aruba N.V. bankrupt was filed by a number of employees that seek payment of their unpaid salaries and benefits.
The trustee wishes to reiterate that Stanford Group Aruba N.V. was not registered as a bank or financial institution in Aruba, nor did it invest for or on behalf of local investors. It seems that Stanford Group Aruba N.V. has acted as an intermediary for Stanford International Bank Ltd (in liquidation) (“SIB”) in Antigua and therefore it is the trustee’s position that Stanford Group Aruba N.V. has no contractual obligations towards local investors. Local investors will have to file their claims with the trustees of SIB.
13 january, 2010
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