2008 Board on BID watchlist

December 16, 2011 | Share

In yet another strange twist of events, the DOJ (at the request of the SEC through Supervising Commissioner Manuel Gaite), issued a Watch List Order ( WLO ) against the 2008 BOD.

The SEC referred the case initiated by Ed Du to the Department of Justice ( DOJ ), who invited the 2008 board to a preliminary hearing in early 2009.

Not a single word was heard from the DOJ until August 22nd 2011, when the 2008 board each received notification of a Watch List Order issued by the DOJ.

This WLO was to be valid for a period of 2 months or until October 22nd 2011, whereupon it would expire unless renewed. However, "expiry" and "validity" do not have the same meaning as they would in other countries. Whilst the WLO has expired and to date has not been renewed, it is still in force.

An application to the DOJ to have it lifted has still not been signed by the " too busy " DOJ. At the time of writing (December 8, 2011), Nomads board members are still unable to leave the country in what one member called "false imprisonment".