VTS Vantis

 

TIDMVTS 
 
RNS Number : 7314H 
Vantis PLC 
26 February 2010 
 

 
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| For Immediate Release        |             26 February 2010 | 
+------------------------------+------------------------------+ 
 
                            ("Vantis" or "the Group") 
Vantis provides the following update in respect of SIB. 
 
Following the appointment of Nigel Hamilton-Smith and Peter Wastell of Vantis 
Business Recovery as Joint Liquidators of SIB in April 2009, SIB assets of circa 
US$100 million have since been located in the UK. To gain control of these 
assets, the Joint Liquidators sought formal recognition of their appointment 
and, on 3 July 2009, the High Court of Justice in England & Wales issued a 
judgement in their favour that the Centre of Main Interest of SIB is Antigua and 
Barbuda and that the Joint Liquidators should be recognised as the office 
holders to whom the assets of SIB in the UK should be entrusted. 
 
The Joint Liquidators also issued a further appeal to seek discharge of the 
Criminal Restraint Order obtained by the UK Serious Fraud Office ("SFO") on 
behalf of the US Department of Justice ("DOJ"). They requested the control of 
the funds so that they can be distributed to depositors and creditors, rather 
than retained with a view to making them available to the DOJ. 
 
The appeal hearing, which also included a hearing to deal with the US receiver's 
appeal against the order of the High Court of 3 July 2009, took place between 16 
and 20 November 2009 and judgment in respect of the two appeals was made on 25 
February 2010 as follows: 
 
The first appeal was made by the US Receiver, Mr Ralph Janvey, against the 
decision of the UK High Court which found that the Centre of Main Interest of 
SIB was Antigua, and not the United States of America. Mr Janvey also appealed 
the decision that the Joint Liquidators should be recognised as the office 
holders to whom assets of SIB in the UK should be entrusted. 
The UK Court of Appeal upheld both decisions made on 3 July 2009 and denied Mr 
Janvey his appeal. 
The second appeal dealt with the Joint Liquidators' application to discharge the 
Criminal Restraint Order which had been obtained by the UK SFO on behalf of the 
DOJ. The Court of Appeal has decided that the restraint order should remain in 
place. 
The Joint Liquidators have concluded that a decision to keep the restraint in 
place should be appealed to the Supreme Court, as the restraint will only 
further delay the release of funds to depositors and creditors. This is due to 
the restraint requiring the funds to remain frozen until the criminal 
proceedings in the US have been concluded, which may not occur until 2011 at the 
earliest. 
The Joint Liquidators further consider that the remittance of funds to the DOJ 
will only provide further confusion and concern for SIB depositors and creditors 
particularly given  circa 9,000 investors who have registered their claims with 
the Joint Liquidators. 
Separately, a decision from the financial regulator in Switzerland is awaited on 
whether the Joint Liquidators or the US receiver should have control of SIB 
assets located in Switzerland. 
The Group remains confident that outstanding time costs will be recovered in due 
course but the various legal actions means that timing is uncertain. 
Commenting on the judgment, Paul Jackson said: 
"We are delighted that the UK Court of Appeal has found in our favour that the 
Centre of Main Interest of SIB is Antigua, and therefore the Joint Liquidators 
should be recognised as the office holders to whom assets of SIB in the UK 
should be entrusted. 
 
In respect of assets in Antigua and Barbuda, substantial land assets have been 
identified and are therefore under the control of the Joint Liquidators. We are 
working closely with the Antiguan Government to gain the requisite planning and 
environmental consents to enable these properties to be fully marketed and sold. 
 
 
It is disappointing that the second appeal decision found that the Criminal 
Restraint Order should remain in place in respect of the cash assets of SIB and 
that the decision will have to be appealed at the Supreme Court." 
For further information: 
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| Vantis plc                   | +44 20 7417 0417             | 
|                              |                              | 
+------------------------------+------------------------------+ 
| Paul Jackson, Chief          |                              | 
| Executive                    |                              | 
| Stephen Smith, Interim       |                              | 
| Finance Director             |                              | 
| Paul Ashton, Company         |                              | 
| Secretary                    |                              | 
+------------------------------+------------------------------+ 
|                              |                              | 
+------------------------------+------------------------------+ 
| Investec Investment Banking  | +44 20 7597 5970             | 
|                              |                              | 
| Martin Smith                 |                              | 
+------------------------------+------------------------------+ 
|                              |                              | 
+------------------------------+------------------------------+ 
| Buchanan Communications      | +44 20 7466 5000             | 
|                              |                              | 
| Richard Darby, James Strong, |                              | 
| Chris McMahon                |                              | 
|                              |                              | 
+------------------------------+------------------------------+ 
 
Notes to Editors 
 
Vantis plc is the AIM listed leading UK accounting, tax and business recovery 
and advisory group, focused on helping owner-managed businesses and high net 
worth individuals successfully achieve their personal and business aspirations. 
 
Services are provided locally and nationwide by experienced professionals and 
specialist industry teams who offer comprehensive sector knowledge and product 
expertise.  Vantis strives to provide all clients with successful, bespoke 
solutions to help generate and preserve their wealth. 
 
The Vantis group offers a range of specialist skills including Accounting, 
Taxation, Business Advice, Corporate Finance, Asset Finance, Forensic Accounting 
and Dispute Resolution, Business Recovery & Personal Insolvency Services, 
Restructuring and Turnaround Services, Outsourcing, Management Consultancy, 
Company Secretarial, Customs Duty Recovery and Advisory Services, Independent 
Financial Advice, High Net Worth Services and Sports Advisory Services and 
Solutions. 
 
The Vantis group now has approximately 1,000 staff operating from 17 locations 
throughout England. 
 
For more information about Vantis, please visit www.vantisplc.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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