/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090227.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, February 27, 2009, Vol. 9, No. 41 Headlines A N T I G U A & B A R B U D A STANFORD INT'L BANK: Owner Owes US$1.2 Million to USVI Firms STANFORD INT'L BANK: Receiver Closes USVI Office Operations * ANTIGUA & BARBUDA: Government Plans to Seize Stanford Land A R G E N T I N A CENTRO DE DIA: Proofs of Claim Verification Deadline Is April 6 DROGUERIA INSTITUCIONAL: Verifying Proofs of Claim Until April 20 INDUSTRIAS METALURGICAS: S&P Puts 'B' Rating on Negative Watch LEBERIT SRL: Verifying Proofs of Claim Until April 17 PARTEN SRL: Verifying Proofs of Claim Until April 15 QUIMICA INDUSTRIAL: Proofs of Claim Verification Due on April 3 TALMECA SA: Proofs of Claim Verification Deadline Is April 8 VASIL CORP: Verifying Proofs of Claim Until March 20 B A R B A D O S * BARBADOS: Central Bank Governor Warns of Impending Layoffs B E R M U D A DIGITAL ILLUSIONS: Creditors' Proofs of Debt Due on March 13 DIGITAL ILLUSIONS: Members' Final General Meeting Set for April 1 EDGEWOOD LIMITED: Creditors' Proofs of Debt Due on March 11 EDGEWOOD LIMITED: Members' Final General Meeting Set for March 26 IPC GROUP: Creditors' Proofs of Debt Due on March 11 IPC GROUP: Members' Final General Meeting Set for March 27 NEW STAR: Creditors' Proofs of Debt Due on March 11 NEW STAR: Members' Final General Meeting Set for March 26 SIGMA LIMITED: Creditors' Proofs of Debt Due on March 11 SIGMA LIMITED: Members' Final General Meeting Set for March 26 XL CAPITAL: Unit Names James Loder as Chief Underwriting Officer B R A Z I L SEIKO EPSON: Two Latin American Units Falsified Earnings Report C A Y M A N I S L A N D S APM GLOBAL: Placed Under Voluntary Wind-Up G.O. 1A-CAYMAN ET AL: Commences Wind-Up Proceedings GIAMO FUND: Appoints Krys and Stride as Liquidators GREAT OAKS: Placed Under Voluntary Wind-Up HAREWOOD INVESTMENTS: Placed Under Voluntary Wind-Up JEFFERIES ARCH: Placed Under Voluntary Wind-Up JEFFERIES CERIMON: Placed Under Voluntary Wind-Up LEVERAGED SHORT: Shareholders Receive Wind-Up Report PALM BEACH: Placed Under Voluntary Wind-Up R6 OVERSEAS: Placed Under Voluntary Wind-Up RJX EFT: Placed Under Voluntary Wind-Up ROCAL, LTD: Placed Under Voluntary Wind-Up RONIN AGRICULTURAL: Placed Under Voluntary Wind-Up RONIN AGRICULTURAL: Placed Under Voluntary Wind-Up RONIN MASTER: Placed Under Voluntary Wind-Up SHANGHAI HOPE: Placed Under Voluntary Wind-Up T.O.P.Q.I.M. SYSTEMATIC: Placed Under Voluntary Wind-Up T.O.P.Q.I.M. INVESTMENT: Placed Under Voluntary Wind-Up THREEAM SPC: Placed Under Voluntary Wind-Up WEST SIDE V: Placed Under Voluntary Wind-Up WINDLESHAM REAL: Placed Under Voluntary Wind-Up J A M A I C A AIR JAMAICA: Reduction of Traditional Routes Takes Effect CITRUS GROWERS: Government to Offer $100 Million Lifeline T R I N I D A D & T O B A G O CL FINANCIAL: FCB Starts Payment on Matured CIB Deposits CL FINANCIAL: Republic Bank to Keep Stake in Barbados Bank CL FINANCIAL: Restraining Order to Ensure Clico Will Meet Debt CL FINANCIAL: Gov't to Liquidate Clico Bahamas Limited V E N E Z U E L A STANFORD INT'L BANK: Venezuelan Unit Seized by Gov't, for Sale V I R G I N I S L A N D S * VIRGIN ISLANDS: Gov't Says it is Cooperating With Stanford Probe - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L BANK: Owner Owes US$1.2 Million to USVI Firms ------------------------------------------------------------ Stanford International Bank Limited (“SIBL”) owner Robert Allen Stanford owes US$1.2 million to various St Croix businesses in U.S. Virgin Islands, Martinne Geller of Reuters reports. Mr. Stanford's offices in the USVI have been shut down by the US court-appointed receiver overseeing his assets, a member of the receiver's team told Reuters in an interview. As reported in the Troubled Company Reporter-Latin America on February 19, 2009, the U.S. SEC charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. Mr. Stanford's companies include SIBL, Stanford Group Company (SGC), and investment adviser Stanford Capital Management. Reuters relates a property surveyor, two architecture firms, an excavator and an asphalt provider, have filed liens against Mr. Stanford's properties, aiming to protect themselves in the event the fraud charges and federal investigation can interfere with Mr. Stanford's ability to pay them. Mr. Stanford's assets, according to Reuters, includes: –- US$7.7 million home and office compound; –- US$20-million 120-foot custom yacht; and –- deeds to US$34.7 million of property on the Caribbean island A deed office in Christiansted city, Reutes notes, said that out of 19 different properties, only five showed mortgages. The mortgages, which totaled US$3.2 million at the time of purchase, were all with the Bank of Houston, the report says. Reuters discloses Larry Aldrich, who runs an earth excavation business, filed a US$26,067.50 lien against Mr. Stanford on February 20 for an excavation work, which was in connection with a road contruction planned to ease a steep climb to the US$9 million hilltop estate Mr. Stanford wanted demolished and planned to completely rebuild. The report relates five liens totaling about US$1 million have been filed against Mr. Stanford since February 20, with the majority pertaining to the hilltop property Kaiser Estate. Two other liens totaling US$231,416.75 were filed on February 20 against his affiliate, Christiansted Downtown Holdings LLC, the report notes. The report adds Survey Services Co also has two liens against Mr. Stanford totaling US$33,685. US$104 Million Tax Lien The U.S. Internal Revenue Service filed a federal tax lien for US$104,236,285.85 against Mr. Stanford and his ex-wife, Susan Stanford, The Miami Herald News reports, citing Miami-Dade Circuit Court records. The court records cited by the report said the IRS lien, filed Aug. 21, 2008, in Miami, covers tax years 2002 through 2004. The report relates based on tax court records, the Stanfords are challenging IRS assessments in U.S. Tax Court related to federal income taxes for other years, and have fought tax bills at least as far back as 1996. According to the Herald, an unnamed Stanford employee said Mr. Stanford retained Brendan V. Sullivan, a senior partner at the Washington, D.C., law firm of Williams & Connolly, to represent him in his legal woes. About SIBL Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. * * * As reported in the Troubled Company Reporter-Latin America, the U.S. Securities and Exchange Commission on February 17, 2009, charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. The SEC also charged SIBL Chief Financial Officer James Davis as well as Laura Pendergest- Holt, chief investment officer of Stanford Financial Group (SFG), in the enforcement action STANFORD INT'L BANK: Receiver Closes USVI Office Operations ----------------------------------------------------------- The U.S. Virgin Island office of Robert Allen Stanford, owner of Stanford International Bank (SIBL), was shut down following the reported arrival of the court-appointed receiver, Martinne Geller of Reuters reports. Local newspaper The St Croix Avis, the report relates, said the receiver overseeing the assets of Mr. Stanford allegedly halted operations in King Street and told employees to pack up their belongings and go home until further notice. As reported in the Troubled Company Reporter-Latin America on Feb. 23, 2009, the Honorable Reed O'Connor of the U.S. District Court for the Northern District of Texas appointed a receiver for SIBL. The U.S. Securities and Exchange Commission (SEC), on Feb. 17, charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. The SEC also charged SIBL chief financial officer James Davis as well as Laura Pendergest- Holt, chief investment officer of Stanford Financial Group (SFG), in the enforcement action. According to Reuters, Michael Goldberg, an attorney with Ft Lauderdale-based Akerman Senterfitt, said receivers often will close offices for companies they oversee if they feel the cost of running the office outweighs the benefit. About SIBL Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. * ANTIGUA & BARBUDA: Government Plans to Seize Stanford Land ------------------------------------------------------------ Antigua and Barbuda's government plans to take over land owned by Robert Allen Stanford to "protect the national economy" following the US fraud charges against him, Billy Canning of Reuters reports. As reported in the Troubled Company Reporter-Latin America on Feb. 23, 2009, the Honorable Reed O'Connor of the U.S. District Court for the Northern District of Texas appointed a receiver for SIBL after the U.S. SEC charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. The government, Reuters relates, explained that the appointment by a Texas court of a US receiver to seize Mr. Stanford assets "threatens the financial viability of the once Stanford Group- owned Bank of Antigua, the prompt payment by the Stanford Group of Companies of the massive outstanding debt to local suppliers and the continued employment of over eight hundred employees at a time of global financial crisis." According to Reuters, a list accompanying the official statement detailed land parcels "required for public purpose" totaling more than 250 acres on the country: –- plots housing Stanford banks and companies, –- beachside homes and development properties located at Shell Beach, Crabbs Peninsula and Cedar Valley Springs, and among other sites. Bank of Antigua, Reuters says, is now under a grouping of regional banks in an operation coordinated with the Eastern Caribbean Central Bank. Meanwhile, Reuters reports UK-based accounting company Vantis Business Recovery Services, appointed by Antigua and Barbuda regulators to act as receiver for the SIBL and Stanford Trust Company Ltd, said it was trying to identify the total amount of assets held on behalf of SIB. "At this time we are unable to ascertain the total value of assets held or report on the timescale for the return of monies to investors," Vantis Business was quoted by Reuters as saying. ================= A R G E N T I N A ================= CENTRO DE DIA: Proofs of Claim Verification Deadline Is April 6 --------------------------------------------------------------- Felisa Tumilasci, the court-appointed trustee for Centro de Dia Alborada Sociedad Anonima's bankruptcy proceedings, will be verifying creditors' proofs of claim until April 6, 2009. Ms. Tumilasci will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 22 in Buenos Aires, with the assistance of Clerk No. 43, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Felisa Tumilasci Avenida Callao 449 Buenos Aires, Argentina DROGUERIA INSTITUCIONAL: Verifying Proofs of Claim Until April 20 ----------------------------------------------------------------- The court-appointed trustee for Drogueria Institucional Asamblea S.A.'s reorganization proceedings will be verifying creditors' proofs of claim until April 20, 2009. The trustee will present the validated claims in court as individual reports on June 3, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. A general report that contains an audit of the company's accounting and banking records will be submitted in court on July 16, 2009. Creditors will vote to ratify the completed settlement plan during the assembly on February 3, 2010. INDUSTRIAS METALURGICAS: S&P Puts 'B' Rating on Negative Watch -------------------------------------------------------------- Standard & Poor's Ratings Services said that its global scale ratings, including the 'B' corporate credit rating, on Argentine turbine producer Industrias Metalurgicas Pescarmona S.A.I.C. y F. remained on CreditWatch, where they were placed with negative implications on Nov. 5, 2008. "The continuing negative CreditWatch listing reflects our concerns about IMPSA's liquidity position and financial flexibility in light of its short-term maturities," said Standard & Poor's credit analyst Diego Ocampo. S&P believes IMPSA's free operating cash flow and current cash holdings are insufficient to cover short-term obligations. As a result, the company will depend on collecting either the proceeds of the recent sale of a 49% stake in its Ceara wind project to Brazilian Companhia Energética de Minas Gerais or payments from projects currently under development. S&P considers the likelihood of those monies being collected as high. This would strengthen the company's cash position, reduce refinancing and liquidity risk, and lead to an affirmation of the ratings. However, S&P could lower the ratings if collections are delayed or if IMPSA decides to use the funds for purposes other than enhancing its liquidity position or reducing debt. The magnitude of the downgrade would be determined by S&P's perception of refinancing risk at the time. S&P expects to resolve this CreditWatch in the next 45 days. As part of S&P's recent analysis, S&P has concluded that IMPSA's global scale ratings are somewhat isolated from risks arising from being incorporated in Argentina, given its strong base of foreign operations, which S&P expects to grow. Therefore, the current CreditWatch is related not to country risk-related events and or transfer and convertibility issues but to IMPSA's liquidity prospects and financial aggressiveness. The ratings on IMPSA reflect the company's high leverage and short-term debt concentration, its exposure to the inherent volatility of the capital goods industry, and fluctuations in economic activity in the main countries in which it operates. IMPSA's adequate competitive position in the hydropower generation turbines business and some geographic diversification partially mitigate these factors. The rating also incorporates the expected improvement in IMPSA's cash generation and financial profile, resulting from the company's sizable backlog and business diversification from its relatively new division in windpower generator production. LEBERIT SRL: Verifying Proofs of Claim Until April 17 ----------------------------------------------------- The court-appointed trustee for Leberit S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until April 17, 2009. PARTEN SRL: Verifying Proofs of Claim Until April 15 ---------------------------------------------------- The court-appointed trustee for Parten S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until April 15, 2009. The trustee will present the validated claims in court as individual reports on June 1, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. A general report that contains an audit of the company's accounting and banking records will be submitted in court on July 17, 2009. QUIMICA INDUSTRIAL: Proofs of Claim Verification Due on April 3 --------------------------------------------------------------- Maria Elena Mercante, the court-appointed trustee for Quimica Industrial Disur Sociedad Anonima's bankruptcy proceedings, will be verifying creditors' proofs of claim until April 3, 2009. Ms. Mercante will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 40, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Maria Elena Mercante Uruguay 772 TALMECA SA: Proofs of Claim Verification Deadline Is April 8 ------------------------------------------------------------ Carlos Llorca, the court-appointed trustee for Talmeca S.A.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until April 8, 2009. Mr. Llorca will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 10, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Trustee can be reached at: Carlos Llorca Carlos Pellegrini 385 Buenos Aires, Argentina VASIL CORP: Verifying Proofs of Claim Until March 20 ---------------------------------------------------- The court-appointed trustee for Vasil Corp S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until March 20, 2009. The trustee will present the validated claims in court as individual reports on May 4, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. A general report that contains an audit of the company's accounting and banking records will be submitted in court on June 12, 2009. =============== B A R B A D O S =============== * BARBADOS: Central Bank Governor Warns of Impending Layoffs ------------------------------------------------------------ Barbados Central Bank Governor Dr. Marion Williams warned public of more layoffs in the country due to the global economic recession, CBC.bb News reports. According to the report, Dr. Williams urged businesses not to lay- off employees but to use other strategies because this could worsen the situation. "In order to lessen the impact of the global recession, keeping employment up will be important since if we cannot do so spending will decline and the decline in spending means worsening of the impact of the recession. It will be important for the social partners to collaborate closely to arrest this development,” the news agency quoted Dr. Williams as saying. "Having said this, it is clear if that businesses cannot continue to pay wages and salaries at the same level if their sales are declining, this would be a recipe for making losses and for eventual closure of the entity altogether." ============= B E R M U D A ============= DIGITAL ILLUSIONS: Creditors' Proofs of Debt Due on March 13 ------------------------------------------------------------ The creditors of Digital Illusions Ltd. are required to file their proofs of debt by March 13, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb 20, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda DIGITAL ILLUSIONS: Members' Final General Meeting Set for April 1 ----------------------------------------------------------------- The members of Digital Illusions Ltd. will hold their final general meeting on April 1, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Feb 20, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda EDGEWOOD LIMITED: Creditors' Proofs of Debt Due on March 11 ----------------------------------------------------------- The creditors of Edgewood Limited are required to file their proofs of debt by March 11, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb 19, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda EDGEWOOD LIMITED: Members' Final General Meeting Set for March 26 ----------------------------------------------------------------- The members of Edgewood Limited will hold their final general meeting on March 26, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Feb 19, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda IPC GROUP: Creditors' Proofs of Debt Due on March 11 ---------------------------------------------------- The creditors of IPC Group Ltd. are required to file their proofs of debt by March 11, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb 19, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda IPC GROUP: Members' Final General Meeting Set for March 27 ---------------------------------------------------------- The members of IPC Group Ltd. will hold their final general meeting on March 27, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Feb 19, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda NEW STAR: Creditors' Proofs of Debt Due on March 11 --------------------------------------------------- The creditors of New Star Capital Guaranteed European Hedge Fund Limited are required to file their proofs of debt by March 11, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb 23, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda NEW STAR: Members' Final General Meeting Set for March 26 --------------------------------------------------------- The members of New Star Capital Guaranteed European Hedge Fund Limited will hold their final general meeting on March 26, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Feb 23, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda SIGMA LIMITED: Creditors' Proofs of Debt Due on March 11 -------------------------------------------------------- The creditors of Sigma Limited are required to file their proofs of debt by March 11, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb 19, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda SIGMA LIMITED: Members' Final General Meeting Set for March 26 -------------------------------------------------------------- The members of Sigma Limited will hold their final general meeting on March 26, 2009, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on Feb 19, 2009. The company's liquidator is: Robin J. Mayor Clarendon House, Church Street Hamilton, Bermuda XL CAPITAL: Unit Names James Loder as Chief Underwriting Officer ---------------------------------------------------------------- XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd, appointed James Loder as Chief Underwriting Officer of its Bermuda-based Professional Lines business. Mr. Loder will be responsible for overseeing XLIB's second-largest portfolio of business and a team of nine people. Commenting on Mr. Loder's appointment, Chief Underwriting Officer of XL Insurance's Global Professional operations Bernard Horovitz said: "We are pleased to have someone of Jim's caliber within XL Insurance to be ready and able to step into this role. Mr. Loder has been instrumental in developing strategy for Professional products over the past few years and has excellent vision to ensure we continue our success." Don Baker, President of XL Insurance (Bermuda) Ltd, added: " Mr. Loder has been a valuable member of the XLIB team during the past nine years. He has demonstrated strong leadership skills as he has taken on more responsibilities within XLIB. His depth of knowledge will further strengthen the Bermuda Professional Lines unit." XL Insurance (Bermuda) Ltd, –- http://www.xlcapital.com.--a Bermuda-based subsidiary of XL Capital Ltd, focuses on large corporate risks and professional lines. XL Capital Ltd, through its operating subsidiaries, is a leading provider of global insurance and reinsurance coverages to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. About XL Capital Headquartered in Hamilton, Bermuda, XL Capital Ltd provides insurance and reinsurance coverages through its operating subsidiaries to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. As of December 31, 2008, XL Capital Ltd reported total invested assets of US$34.3 billion and shareholders' equity of US$6.6 billion. * * * As reported by the Troubled Company Reporter-Latin America on Feb. 18, 2009, Moody's Investors Service affirmed these ratings with a negative outlook: * XL Capital Ltd -- senior unsecured debt at Baa2; preferred stock at Ba1; * XL Capital Finance (Europe) plc -- senior unsecured debt at Baa2; * XLLIAC Global Funding -- backed medium term notes at A2; * Stoneheath Re -- preferred stock at Ba1; * Premium Asset Trust Series 2004-9 -- senior secured at A2. =========== B R A Z I L =========== SEIKO EPSON: Two Latin American Units Falsified Earnings Report --------------------------------------------------------------- Seiko Epson Corp.'s two Latin American units inflated profit by about US$46 million, Bloomberg News reports citing a company statement. According to the statement cited by the news agency, a company investigation found three employees in Brazil overstated accounts receivable to cover up an error in reconciling local and U.S. accounting standards, while one in Mexico inflated the receivables to give the impression the amount of money overdue was declining. “The direct cause of the improper accounting practices is believed to be the desire of those involved to protect their positions,” Seiko Epson said in the statement obtained by Bloomberg News. “However this situation was made possible by the weakness of internal controls at Epson companies in Brazil and Mexico.” The report relates the Brazilian subsidiary overstated profit by US$42 million over a nine-year period, while its Mexico unit improperly reported US$4.1 million in net income over four years. The company will book a loss of JPY4.4 billion (US$45.4 million) in the fiscal year ending March 31 to reflect the impact, the report says. Japan-based Seiko Epson Corporation (TYO:6724) --- http://www.epson.jp/--- is primarily involved in the development, manufacture and sale of information equipment, electronic devices and precision equipment. The Company operates in four business segments. The Information Equipment segment offers printers, liquid crystal display (LCD) projectors and personal computers, among others. The Electronic Devices segment provides thin-film transistor (TFT) LCD panels, crystal devices and semiconductors. The Precision Equipment segment offers watches and plastic lens under the brand name Seiko, as well as factory automation (FA) equipment. The Others segment is engaged in the distribution and transportation services, the provision of maintenance services for facilities, as well as the insurance agency and travel agency businesses. ========================== C A Y M A N I S L A N D S ========================== APM GLOBAL: Placed Under Voluntary Wind-Up ------------------------------------------ On December 19, 2008, the sole shareholder of APM Global Fixed Income Fund Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 2, 2009, will be included in the company's dividend distribution. The company's liquidator is: Enrico de Alessandrini 230 Park Avenue, Suite 1000 New York, NY 10169 USA Telephone: (212) 370 2500 Facsimile: (212) 202 3735 G.O. 1A-CAYMAN ET AL: Commences Wind-Up Proceedings --------------------------------------------------- On February 5, 2008, the shareholder resolved to voluntarily wind up the operations of: -- G.O. 1A-Cayman One, Ltd.; -- G.O. 1A-Cayman Two, Ltd.; and -- G.O. 1A-Cayman Three, Ltd. The company's liquidator is: CDL Company Ltd. P.O. Box 31106SMB, Grand Cayman GIAMO FUND: Appoints Krys and Stride as Liquidators --------------------------------------------------- On August 31, 2008, the Grand Court of the Cayman Islands appointed Kenneth M. Krys and Christopher Stride as the liquidators of Giamo Fund Limited. The Liquidators can be reached at: Kenneth M. Krys Christopher Stride Messrs. Kenneth Krys and Christopher Stride P.O.Box 31237, Governors Square 23 Lime Tree Bay Avenue Grand Cayman KY1-1205, Cayman Islands Telephone: (345) 947-4700 Facsimile: (345) 947-6728 GREAT OAKS: Placed Under Voluntary Wind-Up ------------------------------------------ On December 23, 2008, the shareholder of Great Oaks Strategic Master Fund II, Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 5, 2009, will be included in the company's dividend distribution. The company's liquidator is: Stuart Sybersma c/o Jessica Turnbull Deloitte & Touche, P.O. Box 1787 Grand Cayman KY1-1109 Cayman Islands Telephone: (345) 949 7500 Facsimile: (345) 949 8258 HAREWOOD INVESTMENTS: Placed Under Voluntary Wind-Up ---------------------------------------------------- On December 18, 2008, the sole shareholder of Harewood Investments No. 1 Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by January 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: Russell Smith c/o John D'Cunha PO Box 2499, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 946 0820 Facsimile: (345) 946 0864 JEFFERIES ARCH: Placed Under Voluntary Wind-Up ---------------------------------------------- On December 22, 2008, the sole shareholder of Jefferies Arch Rock Master Fund, Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 5, 2009, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis dms Corporate Services Ltd. dms House, 2nd Floor, P.O. Box 1344 Grand Cayman KY1-1108 Telephone: (345) 946 7665 Facsimile: (345) 946 7666 JEFFERIES CERIMON: Placed Under Voluntary Wind-Up ------------------------------------------------- On December 22, 2008, the sole shareholder of Jefferies Cerimon Fund (Cayman), Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 5, 2009, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis dms Corporate Services Ltd. dms House, 2nd Floor, P.O. Box 1344 Grand Cayman KY1-1108 Telephone: (345) 946 7665 Facsimile: (345) 946 7666 LEVERAGED SHORT: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Leveraged Short Equity Index Hedge Hub Ltd. met on January 23, 2009, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands PALM BEACH: Placed Under Voluntary Wind-Up ------------------------------------------ On December 22, 2008, the sole shareholder of Palm Beach Diversified Offshore, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 5, 2009, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis dms Corporate Services Ltd. dms House, 2nd Floor, P.O. Box 1344 Grand Cayman KY1-1108 Telephone: (345) 946 7665 Facsimile: (345) 946 7666 R6 OVERSEAS: Placed Under Voluntary Wind-Up ------------------------------------------- On December 24, 2008, the sole shareholder of R6 Overseas Opportunity Fund, Ltd. resolved to voluntarily wind up the company's operations. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone: (345) 914-6314 RJX EFT: Placed Under Voluntary Wind-Up --------------------------------------- On October 31, 2008, the sole shareholder of RJX EFT Advantage Fund, Ltd resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by January 26, 2009, will be included in the company's dividend distribution. The company's liquidator is: OGIER c/o Bradley Kruger Queensgate House, South Church Street PO Box 1234, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 949 9876 Facsimile: (345) 949 1986 ROCAL, LTD: Placed Under Voluntary Wind-Up ------------------------------------------ On December 22, 2008, the sole shareholder of Rocal, Ltd. resolved to voluntarily wind up the company's operations. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone: (345) 914-6314 RONIN AGRICULTURAL: Placed Under Voluntary Wind-Up -------------------------------------------------- On December 23, 2008, the sole shareholder of Ronin Agricultural Master Fund LDC resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 2, 2009, will be included in the company's dividend distribution. The company's liquidator is: Bjorn Magnus Eriksson 501 Brickell Key Drive Suite 603, Miami, FL 33131 USA Tel: 305-579-9101 Fax: 305-579-9192 RONIN AGRICULTURAL: Placed Under Voluntary Wind-Up -------------------------------------------------- On December 23, 2008, the sole shareholder of Ronin Agricultural Fund Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 2, 2009, will be included in the company's dividend distribution. The company's liquidator is: Bjorn Magnus Eriksson 501 Brickell Key Drive Suite 603 Miami, FL 33131 USA Tel: (305) 579-9101 Fax: (305) 579-9192 RONIN MASTER: Placed Under Voluntary Wind-Up -------------------------------------------- On December 23, 2008, the sole shareholder of Ronin Master OP Fund LDC resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 2, 2009, will be included in the company's dividend distribution. The company's liquidator is: Bjorn Magnus Eriksson 401 Brickell Key Drive Suite 603, Miami, FL 33131 USA Tel: 305-579-9101 Fax: 305-579-9192 SHANGHAI HOPE: Placed Under Voluntary Wind-Up --------------------------------------------- On December 17, 2008, the sole shareholder of Shanghai Hope International Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 2, 2009, will be included in the company's dividend distribution. The company's liquidator is: Leo Koguan 406 Brook Shore Court Sugar Land, TX 77479 USA Tel: (8621) 6386 6887 Fax: (8621) 6386 7588 T.O.P.Q.I.M. SYSTEMATIC: Placed Under Voluntary Wind-Up ------------------------------------------------------- On December 11, 2008, the shareholders of T.O.P.Q.I.M. Systematic Equity Fund SPC resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 5, 2009, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis dms Corporate Services Ltd. dms House, 2nd Floor, P.O. Box 1344 Grand Cayman KY1-1108 Telephone: (345) 946 7665 Facsimile: (345) 946 7666 T.O.P.Q.I.M. INVESTMENT: Placed Under Voluntary Wind-Up ------------------------------------------------------- On December 16, 2008, the shareholders of T.O.P.Q.I.M. Investment (Cayman) Management Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by February 5, 2009, will be included in the company's dividend distribution. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis dms Corporate Services Ltd. dms House, 2nd Floor, P.O. Box 1344 Grand Cayman KY1-1108 Telephone: (345) 946 7665 Facsimile: (345) 946 7666 THREEAM SPC: Placed Under Voluntary Wind-Up ------------------------------------------- On December 18, 2008, the sole shareholder of Threeam, SPC Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by January 31, 2009, will be included in the company's dividend distribution. The company's liquidator is: Nicolas Matthews c/o Kinetic Partners Cayman LLP, Harbour Centre P.O. Box 10387, Grand Cayman KY1-1004 Cayman Islands Telephone: (345) 623 9906 Facsimile: (345) 623 0007 WEST SIDE V: Placed Under Voluntary Wind-Up ------------------------------------------- On December 15, 2008, the shareholder of West Side V Offshore resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by January 23, 2009, will be included in the company's dividend distribution. The company's liquidator is: West Side Advisors LLC 1995 Broadway, 8th Floor New York, NY 10023 USA WINDLESHAM REAL: Placed Under Voluntary Wind-Up ----------------------------------------------- On December 17, 2008, the sole shareholder of Windlesham Real Estate Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by January 27, 2009, will be included in the company's dividend distribution. The company's liquidator is: Stephen John Le Seelleur c/o Maples and Calder Attorneys-at-law PO Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands ============= J A M A I C A ============= AIR JAMAICA: Reduction of Traditional Routes Takes Effect --------------------------------------------------------- Air Jamaica's plan to cut its traditional routes as part of the airline's new business plan became effective yesterday, February 26, Radio Jamaica News reports. As reported in the Troubled Company Reporter-Latin America on Feb. 2, 2009, Jamaica Information Service News said Air Jamaica is revamping its operations to reduce losses, and unveiled a three- point business plan, which is aimed at keeping the company operating throughout this year, and to position it on a path towards financial stability. According to the Associated Press, the airline said it will eliminate six routes and cut jobs this month due to the global economic crisis. The AP related the airline's CEO and President Bruce Nobles, said flights to Atlanta, Miami, Los Angeles, Barbados, Grenada and the island of Grand Cayman will be cut late this month. Meanwhile, Mr. Nobles, Radio Jamaica relates, said the airline is accommodating voluntary retrenchment. "The employees in North America stations where we're eliminating services will be made redundant, although some of them will be transferred to other locations (and) the impact on the rest of our staff will be sorted out over the next few weeks. We have a voluntary separation programme underway - leave of absence or early retirement and once we've sorted out how many people we can afford to leave on their own, then we'll figure out what our excess manpower requirement is and then meet with the employee groups to sort of work out what to do next ... that process will take place over the next few weeks," Radio Jamaica quoted Mr. Nobles as saying. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported by the Troubled Company Reporter-Latin America on Nov. 6, 2008, Moody's Investors Service placed the debt ratings of Air Jamaica Limited, B1 senior unsecured notes guaranteed by the Government of Jamaica, on review for possible downgrade. The review coincides with Moody's action placing the ratings of the Government of Jamaica under review for downgrade on November 4, 2008. CITRUS GROWERS: Government to Offer $100 Million Lifeline --------------------------------------------------------- The Government is getting ready to inject around $100 million bail-out fund to Citrus Growers Association (“CGA”) and its subsidiary, Jamaica Citrus Growers Limited, which are on the verge of bankruptcy, Radio Jamaica News reports. The Cabinet, the report relates, has approved a financing plan to keep the association afloat but not without strict conditions. Minister of Agriculture and Lands Dr. Christopher Tufton, The Jamaica Observer relates, has requested a management audit into the operations of the companies before considering their request for a $70 million loan. Dr. Tufton's decision, the same report says, followed complaints from citrus farmers about a $14 million debt owed to them by CGA from last June, and the agricultural ministry's confirmation that CGA also owed them over $50 million. Dr. Tufton, as cited by Radio Jamaica, said a new business plan was presented to the Agriculture Ministry to steer CGA to financial viability but the directors has to agree to certain terms. "They needed to act on the report on the management audit and we'll be prepared to work with them as long as they would allow for some adjustment in the way the company was managed. The Government was not going to provide financial assistance until we were confident that they were going to restructure and that restructuring based on their current state required some from of equity participation," Radio Jamaica quoted Dr. Tufton as saying. However, Radio Jamaica says CGA became agitated and complained about the length of time it was taking for the government to come to their rescue. Radio Jamaica adds Dr. Tufton said a meeting will be held with the stakeholders today, Feb. 27 to come up with a clear plan of action in light of the approval to grant bridge-financing support. About Jamaica Citrus The Jamaica Citrus Growers Limited, a limited liability company since 1949, is engaged in the business of processing, packing and marketing of citrus and dairy products as well as chilled beverages under the Dairy Farmers and Juciful brand names. It is a subsidiary of Citrus Growers Association Limited (CGA). =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: FCB Starts Payment on Matured CIB Deposits -------------------------------------------------------- First Citizen Bank (FCB) has began payouts to Clico Investment Bank (CIB)'s depositors whose deposits are maturing on or before February 28, Trinidad and Tobago Newsday reports, citing FCB Group Corporate Communications Manager, Dexter Charles. Mr. Charles, the report relates, reiterated that depositors were paid CIB interests rates up until the end of January, after which they were paid using the interest rates of FCB. As reported in the Troubled Company Reporter-Latin America on Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank Governor Ewart Williams disclosed that an examination of insurance company CLICO, dissolved finance house CLICO Investment Bank and other CL Financial companies, showed a deficit between $6 billion and $8 billion. Tobago President George Maxwell Richards, The Express related, signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. Under the memorandum, FCB was given authority to handle the affairs of CIB depositors. About CL Financial According to Wikipedia, CL Financial Limited is the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean. Founded as an insurance company, Colonial Life Insurance Company (CLICO) by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. CL FINANCIAL: Republic Bank to Keep Stake in Barbados Bank ---------------------------------------------------------- Republic Bank said it will keep its 65% stake in Barbados National Bank (BNB), Trinidad and Tobago Newsday reports. According to the report, the bank was responding to recent media reports in Barbados that the Prime Minister David Thompson had indicated his intention to gain control of the bank by purchasing Republic Bank’s 65 percent shareholding in its subsidiary BNB. Republic bank meanwhile confirmed it has not received any offers to purchase its shareholding in BNB, the report relates. Newsday recounts that Republic Bank acquired shares in BNB in 2003. Clico Investment Bank (CIB)/ Colonial Life Insurance Company Limited (Clico) has a 55% stake in Republic Bank. About CL Financial According to Wikipedia, CL Financial Limited is the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean. Founded as an insurance company, Colonial Life Insurance Company (CLICO) by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank Governor Ewart Williams disclosed that an examination of insurance company CLICO, dissolved finance house CLICO Investment Bank and other CL Financial companies, showed a deficit between $6 billion and $8 billion. Tobago President George Maxwell Richards, The Express related, signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. According to the Trinidad and Tobago Newsday, the government used $1 billion of taxpayers money to help protect depositors and policyholders. T&T Newsday related Governor Williams pleaded with policy holders not to withdraw money from Clico, amid the unit's increasing $10 billion debt. CL FINANCIAL: Restraining Order to Ensure Clico Will Meet Debt -------------------------------------------------------------- Central Bank Governor Ewart Williams said the injunction filed against CL Financial Limited was done to ensure that taxpayers did not end up footing Colonial Life Insurance Company Limited (Clico)'s $10 billion liability, Trinidad and Tobago Newsday reports. As reported in the Troubled Company Reporter-Latin America on Feb. 25, 2009, T&T Newsday said the Central Bank and Colonial Life Insurance Company Limited secured a restraining order against CL Financial, barring the company from conducting any local or international business with its assets. High Court Judge Gregory Delzin, the report related, granted the restraining order after an urgent ex-parte application brought by attorneys for the Central Bank, Senior Counsel Reginald Armour, along with attorneys’ Simon De La Bastide and Elena Araujo. According to Newsday, Mr. Williams said in his view the injunction strengthens the MOU between the government and CL Financial. Mr. Williams, the report relates, said the Central Bank was “doing all in its power” to ensure that depositors and policy holders are protected, and that Government recoup its temporary funding to Clico, and that the proceeds from the sales of CL’s assets were there to meet any shortfall. Asked by Newsday if CL Limited was moving to dispose of its assets, Mr. William said the injunction was done to prevent that from happening, and that the Central Bank has to ensure that assets held by CL Financial will cover Clico’s debts. About CL Financial According to Wikipedia, CL Financial Limited is the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean. Founded as an insurance company, Colonial Life Insurance Company (CLICO) by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank Governor Ewart Williams disclosed that an examination of insurance company CLICO, dissolved finance house CLICO Investment Bank and other CL Financial companies, showed a deficit between $6 billion and $8 billion. Tobago President George Maxwell Richards, The Express related, signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. According to the Trinidad and Tobago Newsday, the government used $1 billion of taxpayers money to help protect depositors and policyholders. T&T Newsday related Governor Williams pleaded with policy holders not to withdraw money from Clico, amid the unit's increasing $10 billion debt. CL FINANCIAL: Gov't to Liquidate Clico Bahamas Limited ------------------------------------------------------ The Bahamian Supreme Court granted a request from the islands government to liquidate Clico Bahamas Limited for the protection of company shareholders, CaribWorldNews reports. Craig Gomez of Baker Tilley Gomez was appointed as the liquidator of the company, according to the report. “This action was precipitated at this time because of the continuing decline in the market value of the real estate investment in the United States via CLICO Bahamas Limited subsidiaries, CLICO Enterprises Limited and Wellington Preserve Limited, the uncertain financial position of its parent CL Financial Limited, the inability of the company to pay claims/surrenders of policies in one of the jurisdictions where it operates and the lack of a credible plan by the company to address the shortfall in capital and liquidity in a reasonable time,” the Office of the Registrar of Insurance Companies said in a statement obtained by CaribWorldNews. “It was felt that to delay taking action would only further erode the assets of the company to the detriment of policyholders,” the Office of the Registrar said in the statement cited by the news agency. About CLICO Bahamas CLICO Bahamas Limited (formerly British Fidelity Assurance Limited), a subsidiary of CLICO (Holdings) Barbados Limited and a subsidiary of the CL Financial group, operated in the Bahamas as a part of the C L Financial group since 1992. The company operated for many years prior to 1992 as British Fidelity Assurance Limited under different owners. The company has active operations in the Bahamas, Belize and the Turks & Caicos Islands. About CL Financial According to Wikipedia, CL Financial Limited is the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean. Founded as an insurance company, Colonial Life Insurance Company (CLICO) by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank Governor Ewart Williams disclosed that an examination of insurance company CLICO, dissolved finance house CLICO Investment Bank and other CL Financial companies, showed a deficit between $6 billion and $8 billion. Tobago President George Maxwell Richards, The Express related, signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. According to the Trinidad and Tobago Newsday, the government used $1 billion of taxpayers money to help protect depositors and policyholders. T&T Newsday related Governor Williams pleaded with policy holders not to withdraw money from Clico, amid the unit's increasing $10 billion debt. ================= V E N E Z U E L A ================= STANFORD INT'L BANK: Venezuelan Unit Seized by Gov't, for Sale -------------------------------------------------------------- The Associated Press reports Stanford International Bank Limited's Venezuelan unit will be put up for sale after the goverment seized its business. "We hope it doesn't take more than 15 days" to finish evaluating the bank's finances and proceed to a sale, the report cited Venezuela Finance Minister Ali Rodriguez as saying. The report recalls Venezuela's government last week seized temporary control of Stanford Bank SA after panicked withdrawals on news of U.S. fraud charges against owner Robert Allen Stanford and three of his companies. According to the report, clients withdrew an estimated US$93 million, or 36.8% of its deposits, in Venezuelan currency. As reported in the Troubled Company Reporter-Latin America, the U.S. Securities and Exchange Commission, on Feb. 17, charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. The SEC also charged SIBL chief financial officer James Davis as well as Laura Pendergest- Holt, chief investment officer of Stanford Financial Group in the enforcement action. The Venezuelan bank is not named in the fraud complaint by U.S. Regulators, the AP notes. Meanwhile, the AP says a Caracas court barred eight Stanford Bank SA board members from leaving the country after issuing freeze order on their assets. About SIBL Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. ========================== V I R G I N I S L A N D S ========================== * VIRGIN ISLANDS: Gov't Says it is Cooperating With Stanford Probe ------------------------------------------------------------------ The US Virgin Islands has suspended a company owned by Robert Allen Stanford from a tax incentive program and is cooperating with a US fraud investigation of the Texas billionaire, Reuters reports, citing Percival Clouden, executive director of the Virgin Islands Economic Development Authority. "We are cooperating with the SEC," the report quoted Mr. Clouden as saying. "We are temporarily suspending his (Stanford's) access to our tax incentive program, until the US investigation is resolved." As reported in the Troubled Company Reporter-Latin America, the U.S. Securities and Exchange Commission on February 17, 2009, charged Mr. Stanford and three of his companies for orchestrating a fraudulent, multi-billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. The SEC also charged SIBL Chief Financial Officer James Davis as well as Laura Pendergest- Holt, chief investment officer of Stanford Financial Group (SFG), in the enforcement action. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Marie Therese V. Profetana, Marites O. Claro, Joy A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2008. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *