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Public Statement No. 4 of 2009 (11 March 2009) - International Fixed Income Stanford Fund 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 International Fixed Income Stanford Fund Ltd (the "Fund").

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

  1. To forthwith suspend:
    1. the subscription of shares by new and existing investors;
    2. the redemption of shares by investors; and
    3. the payment of the proceeds of the redemption of shares (including the payment of redemption proceeds for outstanding redemption requests), until further notice by the Commission; and
  2. To submit weekly reports to the Commission setting out:
    1. details of its total assets, net assets, number of investors (including the name address and number of shares held by each investor) cash balance, including the institution(s) at which the cash is held;
    2. details of its investments, including the jurisdiction of issuer, type/category of investments and the current value of the investments at cost and current market value; and
    3. details of all litigation involving or affecting the Fund, 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: commissioner@bvifsc.vg
Website: www.bvifsc.vg
Hours: Monday - Friday 8:30 am - 4:30 pm

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Contact Information

British Virgin Islands Financial Services Commission


Pasea Estate
P.O. Box 418
Road Town, Tortola, VG 1110
British Virgin Islands

Tel: 284-494-1324 or 284-494-4190 GMT – 4:00
Fax: 284-494-5016
Hours: Monday-Friday 8:30a.m. - 4:30p.m.
commissioner@bvifsc.vg