November 17, 2009 2:00 am

US call to UK over Stanford

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The US receiver in charge of the collapsed empire of Sir Allen Stanford, the Texan financier, yesterday asked the UK's Court of Appeal to overturn an earlier decision that gave control of an estimated $100m of UK assets to Antiguan liquidators.

The two sets of liquidators are embroiled in a dispute about who should be awarded control over the UK assets belonging to Sir Allen Stanford, who is accused of operating a $7bn Ponzi scheme, which he denies.

Lawyers representing Ralph Janvey, the US receiver in charge of Sir Allen's financial empire, are appealing against an earlier decision by the UK's High Court that ruled Antiguan liquidators should control the funds held by Antigua-based Stanford International Bank in the UK.

Stuart Isaacs, QC, representing the US receiver, yesterday argued that "he and he alone" should have control of the assets, as all the Stanford entities had been involved in the alleged Ponzi scheme.

"The vast majority of Stanford International Bank's identifiable assets were in jurisdictions other than Antigua," said Mr Isaacs. "SIB was an offshore bank, which had no Antiguan depositors."

The Antiguan liquidators oppose the move. The case continues this week and the Court of Appeal is expected to reserve judgement. Jane Croft, London

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