US considers resolution to block aid to Antigua-Barbuda

The Stanford Victims Coalition announced Monday a second United States Congressional Resolution asking the US Secretary of the Treasury to direct the IMF and the World Bank to block funding to the government of Antigua and Barbuda. The Resolution, introduced in the US House of Representatives by Congressman Mike Coffman of Colorado, also demands Antigua release to the US.

Receiver overseeing the liquidation of the Stanford estate the 49 properties it has taken actions to expropriate, and repay the loans made by Allen Stanford or any Stanford entity as well as "payments made to officials of the government of Antigua and Barbuda for the purpose of subverting regulatory oversight."

The Resolution has been referred to the powerful US House of Representatives Financial Services Committee for a vote. This action comes on the heels of a similar Senate Resolution sponsored by eight US Senators in December 2009, which is now pending a vote by the Senate Foreign Relations Committee.

The Stanford Victims Coalition, an advocacy group representing the 28,000 victims of the Stanford Financial Group fraud, recently launched its “Anti-Crime, Anti-Antigua” campaign which calls on travel professionals, prospective tourists, and investors from around the world to boycott Antiguan hotels and resorts, cruises to Antigua, investments in Antiguan financial institutions or in companies or ventures based in Antigua. The “Anti-Antigua” campaign also encompasses a comprehensive lobbyist component focused on efforts to block foreign aid and trade with Antigua, according to the SVC.

“When Antigua is ready to make things right and release the assets that were purchased with Stanford victims’ investments, the SVC will stop its efforts to expose Antigua for its corrupt actions,” said Angela Shaw, Executive Director and Founder of the Stanford Victims Coalition, which represents 28,000 defrauded Stanford International Bank-Antigua depositors. “When the crime stops, so will we. Until then, we will pursue every effort we possibly can to warn potential tourists, developers and investors about the dangers of Antigua.”

“This is a very serious matter and in over a year since the Stanford fraud was exposed, the government of Antigua and Barbuda has not publicly acknowledged Stanford investors or shown any level of sympathy or remorse - or worse - its intention to address the devastation this crime has inflicted on innocent people from around the world,” Shaw said. “Prime Minister Spencer has had a chance to show the world Antigua finally knows right from wrong, yet not unlike the previous regime, its actions thus far do not lead anyone to believe the current administration is any different. It’s just business as usual in Antigua.”