Public Statement No. 3 of 2009 (11 March 2009) - Stanford International Management Ltd.

The British Virgin Islands Financial Services Commission (the "Commission") issues this public statement pursuant to Section 37A (4) of the Financial Services Commission Act, 2001, in order to inform and to protect the property of, or in the custody, possession or control of the licensee, or to protect customers, creditors, or potential customers or creditors of Stanford International Management Ltd (the "Licensee").

On 3 March, 2009, the Commission issued a directive to the Licensee under Section 40 (1) (b) of the Financial Services Commission Act, 2001, requiring the Licensee to take the following action:

To forthwith suspend:

all activities relating to the management of the assets of the International Fixed Income Stanford Fund Ltd (the "Fund"), save and except those activities that may be required for maintaining the Fund's financial position; and
all activities relating to the management of the assets of any mutual fund or other entity for which the Licensee provides management services, until further notice by the Commission; and

To submit weekly reports to the Commission setting out:

the total assets under management by the Licensee;
all fees earned or charged and all monies otherwise paid to the Licensee for any activity carried on by it; and
details of all litigation involving or affecting the Licensee, until further notice by the Commission.

The Commission will provide additional updates on developments as matters progress.

Robert A. Mathavious
Managing Director /CEO
British Virgin Islands Financial Services Commission
Pasea Estate, Tortola, British Virgin Islands
Telephone: (284) 494-4190
Facsimile: (284) 494-5016
E-mail: [email protected]
Website: www.bvifsc.vg
Hours: Monday - Friday 8:30 am - 4:30 pm