Luis Giusti: “…member of the Stanford family”

Former Pdvsa President Luis Giusti was the featured keynote speaker last year in Lima at the inauguration of Stanford International Bank’s first office in Peru.

His opening remarks:

“Good evening, ladies and gentlemen, and as a member of the Stanford family I also extend my welcome to you. I’m very happy to be here this evening, this is a great country, and this is a good group of people…”

And his closing remarks:

“…frankly I’d like to conclude by saying that I’m part of the Stanford family and I celebrate our arrival in this country because we have great expectations of being able to provide the traditional services that Stanford has made available in other parts of the world, and I and others who are here tonight and undoubtedly the whole organization with this step that’s taking place are putting ourselves at the service of the great people of Peru and the city of Lima in this case. Thank you very much.”

Now that the SEC has charged SIB’s chairman, Sir Allan Stanford, with fraud, this reporter wonders:

*What was Giusti’s precise role in SIB? Was he on SIB’s board, or serving as some kind of strategic adviser to SIB group’s chairman?

*How much did SIB pay Giusti? Was the speech in Lima a one-shot deal, or did Giusti have an ongoing business relationship with Stanford?

*Did Giusti ever serve in any capacity as one of SIB’s financial “advisers”? Did he steer deposits to SIB? If so, based on the extraordinary 1.5% commission SIB reportedly paid its advisers for the CD’s they helped “sell,” how much did he profit personally from Stanford’s Ponzi scheme?

Uncomfortable questions, certainly, but legitimate too.

A bit of history: Giusti was also an adviser to Royal Dutch Shell’s board of directors back when its CEO admitted faking the reserves data Shell reported to its shareholders and UK, Dutch and US financial regulatory authorities.

Now Giusti is also linked with SIB.

Maybe it’s just bad luck.


About Caracas Gringo

Representing less than 0.00000000001515152% of the world population as of 31 December 2011.
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One Response to Luis Giusti: “…member of the Stanford family”

  1. A precision. Luis Giusti was a amember of the Board of Shell when the problem of the reserves surfaced. He was also a member of the Board Committee that put things back on the right track. Therefore, in this Shell case he was in the right side of ethics. Your suggestion is not correct.


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