The over 430 former employees of R Allen Stanford could be receiving payment of their retirement fund in a matter of weeks. The intense legal action against R Allen Stanford for alleged financial fraud had further compounded the matter.
The Stanford Severed Employees Committee was formed last year to pursue severance and pension payments of former workers of the Sticky Wicket, Pavilion, Antigua Athletic Club, Stanford 20/20, and Stanford Development Company.
Their money deposited in the Stanford Retirement Savings at the Bank of Antigua (BOA).
Legal Representative of the Committee Cosbert Cumberbatch told Caribarena.com he has been working assiduously on the matter, especially within the last month.
He said within the next three weeks, the former workers could be paid between $7-8 million from the fund.
Cumberbatch said initially, they were unable to access the account because the bank did not have the necessary signatures to disburse any money.
However, there has been a new development with the signatures, hence the green light for access.
Cumberbatch noted, however, that the issue of severance will take longer to address. He was unable to speculate on a date.
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