The government of Antigua is now going after hundred of acres of land owned by the Stanford Financial Group of Companies.
The Baldwin Spencer administration made the announcement in an emergency meeting of the House of Representatives Wednesday and said it will move to acquire over 250 acres of land owned by the Group.
The move by the government follows an order given in the US 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.
The motion in the country`s parliament was introduced by the country’s attorney general and Minister of Legal Affairs who argued that the entire alleged scandal 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 eight hundred employees at a time of global financial crisis.
Source: caribworldnews.com
