Reply #5: Venezuela to sell Stanford Bank in 15 days

[Robbien]

The Venezuelan government will complete in 15 days the sale of Stanford Bank, following its takeover amidst uncertainty and charges by US authorities of "massive fraud" against Allen Stanford, said on Wednesday Finance Minister Alí Rodríguez Araque.

The official explained that it would be hard for the government to take responsibility for the investments that local investors made in banks seated abroad that are governed by foreign laws and policies, Reuters reported.

"Hopefully, we will complete the sale within 15 days. The monitoring board of the bank has been instructed to proceed at full speed. We have worked non-stop in shifts," said Rodríguez in an interview with television station Televen.

He added that some investors have shown interest in buying the bank, but the monitoring board has to complete the balance to determine the real value.

http://english.eluniversal.com/2009/02/25/en_eco_esp_venezuela-to-sell-st_25A2235645.shtml

I expect this is the regular bank part of Stanford's holdings. The Stanford International Bank is the organization in which Venezuelans have been squirreling away money to get it out of the country. Chavez said Venezuela has no responsibility for that. Talk to the US he told investors.