February 27, 2009
Antigua government moves to acquire Stanford land

The Government of Antigua and Barbuda yesterday, Thursday, February 26th, convened an emergency meeting of the House of Representatives, with the main purpose to move a motion to acquire over 250 acres of land owned by the Stanford Financial Group of Companies.{{more}}

The move by the government follows an order given in the United States District Court for the Northern District of Texas for a receiver to be appointed to take control of the assets of Sir R. Allen Stanford and his companies, after he was charged with fraud.

According to the motion moved by Antigua’s Attorney General, the appointment of a receiver to take control of Stanford’s assets “threatens the financial viability of the Bank of Antigua, the prompt payment by the Stanford Group of Companies of the massive outstanding debt to local suppliers and the continued employment of over 800 employees at a time of global financial crisis.”

The motion, therefore, resolved to acquire the land “for a public purpose namely to protect the national economy and give necessary support and assistance to the local banking sector and its regulatory authority, the Eastern Caribbean Central Bank.”