It will take at least five years to locate funds lost by investors in the alleged $8bn “Ponzi” scheme run by Texan billionaire Sir Allen Stanford, according to officials appointed to liquidate the offshore bank at the heart of the purported scheme.
Stanford International Bank, the Antigua-based offshore bank and the crown jewel of the sprawling Stanford empire, had assets of hundreds of millions of dollars held in its name, compared with about $7.2bn owed to depositors, according to Nigel Hamilton-Smith, one of the liquidators appointed by a court in Antigua.
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