Further to our update of 5 November confirming that the Swiss Federal Criminal Court ordered the release of all remaining Swiss frozen funds we advise that Société Generale Private Banking (Suisse) SA (Soc Gen) did not appeal the decision within the required time limit. This means that the frozen funds will now be released to the US authorities and will ultimately be paid to the US Receivership and Antiguan liquidation estates for distribution to the victims.
The Joint Liquidators are delighted with this development because it will finally allow for these funds to be distributed to the victims. We will provide further updates to victims in due course once we have a better understanding on the likely timing of the release of these funds.
The release of these funds combined with a further US$16 million of projected recoveries from the Bank of Antigua liquidation will allow for the eventual distribution to victims of approximately US$168 million.
