- 3 -
banks and related companies in Montserrat.
Under the laws of Montserrat, petitioner in 1985, 1986, and
1987, respectively, formed Guardian International Bank Ltd.
(Guardian Bank), Guardian International Investment Services Ltd.
(Guardian Services), and Stanford Financial Group Inc. (Stanford
Financial), as controlled foreign corporations for the purposes
of engaging in offshore banking and other activities.
By 1990, petitioner owned 95 percent of the shares of stock
in Stanford Financial. Stanford Financial, in turn, owned nearly
100 percent of the shares of stock in Guardian Bank and Guardian
Services. Thus, by 1990, Guardian Bank and Guardian Services
were brother/sister subsidiary corporations owned by Stanford
Financial as the parent corporation.
More specifically, on December 12, 1985, petitioner formed
Guardian Bank as a Montserrat corporation for the purpose of
engaging in certain offshore banking activities. Upon its
formation, petitioner and petitioner’s father each owned 50
percent of the shares of stock in Guardian Bank.
In its articles of association or charter, Guardian Bank's
stated business purpose to engage in the business of banking was
defined broadly and included administrative, management, and
marketing functions relating to the business of banking, as
follows:
(1) To carry on the business of Banking in all its branches
and to transact and do all matters and things incidental
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011