Are there assets in St. Vincent and the Grenadines that can be recovered?
Yes. The St. Vincent and the Grenadines government’s financial sector, the International Financial Services Authority (IFSA), retains jurisdiction over Defendants’ assets located on the island. After the SEC filed its complaint initiating legal proceedings in the U.S., IFSA appointed accounting firm KPMG as Receiver for St. Vincent and the Grenadines. Like the Receiver appointed in the U.S., KPMG was appointed in St. Vincent and the Grenadines in order to assume control over the affairs of the Millennium Bank branch located there in order to preserve records and assets. The U.S. Receiver and KPMG communicate regularly regarding their respective work and efforts to recover assets for the benefit of investors and creditors of the Estate.
