February 27, 2009
Mark Darby: Stanford has no stake in LIAT

LIAT has made it clear that Sir Allen Stanford has absolutely no stake in the regional airline.{{more}}

“The Stanford Financial Group has no stake or interest in LIAT and has never had a stake or interest in the company,” LIAT’s Chief Executive Officer Mark Darby said on Friday, February 20th.

“Talks were held with the Stanford Financial Group in 2006 and 2007 about possible mergers or shareholdings in the company. However, no transaction was ever concluded. LIAT is not in receipt of any loan from Sir Allen or the Stanford Financial Group.

“To be clear, LIAT did not take over or acquire Caribbean Star or Caribbean Sun, two former airlines owned by Sir Allen. LIAT merely acquired some of the assets of these former airlines, including Caribbean Star aircraft leases which were transferred to LIAT,” Darby added.

The Chief Executive Officer pointed out that LIAT is owned by the Governments of Antigua and Barbuda, Barbados and St. Vincent and the Grenadines, with a combined shareholding of 90 per cent between them. The remaining 10 per cent is owned by other Regional Governments and minority shareholders.