UK-based Vantis Business Recovery Services said the High Court of Justice ruling allows it to proceed with its effort to collect Stanford assets from around the world and distribute them to thousands of investors who purchased the allegedly fraudulent certificates of deposit issued by Stanford International Bank Limited.

Assets frozen

The assets have been frozen by Britain's Serious Fraud Office.

Ralph Janvey, appointed by US courts to liquidate Stanford assets, said in a statement that the case was "wrongly decided" and he will appeal.

The two receivers are fighting over who has jurisdiction over the Stanford assets, frustrating investors who are eager to recover money they invested in what US authorities have alleged as a US$7-billion Ponzi scheme.

US prosecutors have filed charges that include fraud and money laundering against Stanford, 59, who is in custody in Houston.

Meanwhile, the man appointed to replace Antigua's disgraced financial regulator is stepping aside to avoid a possible conflict of interest.

Everett Christian was tapped for the job, after officials fired his predecessor Leroy King for alleged ties to Allen's alleged Ponzi scheme.

Financial controversy

Christian says his wife works for an offshore bank and the "last thing" the Caribbean nation needs is another financial controversy.

Acting Prime Minister Harold Lovell on Friday said the government would soon name a new chief financial regulator.

He said, too, that the oversight commission would hire a public relations firm to repair its image after US allegations that King accepted bribes to ignore Stanford's fraud.

- AP