Venezuela won’t give back $2.5 billion to Stanford’s investors

Venezuelan investors which lost billions of dollars deposited at the infamous Stanford International Bank will unlikely get their funds back according to Venezuela’s Finance Minister Ali Rodriguez. While the accurate number of money invested into high-yield certificates of deposit at the Antigua-based unit of Stanford’s global financial network is unknown the OPEC nation's bank regulators say Venezuelans may have invested up to $2.5 billion.

As it was reported last week Venezuelan authorities seized Stanford Bank Venezuela after bank customers started withdrawing their funds from the bank that posed a risk to its business. As long as accounts at Stanford Bank Venezuela have no relation to discredited offshore unit Finance Minister Rodriguez said Venezuela did not have a responsibility to protect investments made overseas.

"We respond to those savers who put their money in a bank that is regulated by Venezuelan laws," said Rodriguez.

"It would be difficult for us to take responsibility for investments that were made in banks that are regulated by other laws and policies," he said.