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Hand in Hand investment with Stanford less than 10%

Feb 25, 2009 News


…any impairment in investments would not affect operations
The Hand-in-Hand Trust Corporation Inc., a member of the Hand-in-Hand Group of Companies, has advised that it is exposed to Stanford International Bank in Antigua (SIB) by way of Certificate of Deposit (CD) investments, as two of the pension plans under its trusteeship are also exposed.
A press statement from the company yesterday stated that “The Hand-in-Hand Group in keeping with its policy of transparency and accountability wishes to inform the public that it employs an investment strategy that features a highly diversified portfolio of investments.”
It was explained that the investment in the Stanford International Bank comprises less than 10 per cent the assets of the Hand-in-Hand Trust Corporation.
The company has assured its customers and the public that any impairment of its investments in Stanford Investment Bank would therefore not affect the solvency or operations of the Trust Corporation.
According to the Group Chief Executive Officer, Keith Evelyn, Hand-in-Hand Trust Corporation has already put in place strategies to mitigate any such possible loss and has already begun pursuing every effort to recover its investment in SIB, including communicating with the regulatory authorities in Antigua and retaining the services of a legal firm in Miami.
Evelyn stated that this information has also been fully communicated to the Central Bank of Guyana.
“The Hand-in-Hand Group will keep its customers and the public informed as the situation develops and takes this opportunity to thank its customers and supporters for their continued confidence.”

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