Lands Returned to Stanford

While taken on face value the following statement appears to be good news for Stanford victims, however it required international action to force the government to acquiesce and hand back these properties.

It should also be remembered that properties within the airport complex have been retained by the government and that similar promises were made to Half Moon Bay holdings which still have not been honoured.
Attorney General Justin Simon announced in Parliament yesterday that all “Stanford” lands with the exception of those inside the airport compound have been released from government hands.

Simon said the release comes in conjunction with a co-operation agreement signed between US receivers, Ralph Janvey and the joint liquidators.

“Earlier this week, I received communication from the joint liquidators of the Stanford Bank Limited … (That) a co-operation agreement between themselves and the US receiver has been filed.

“This co-operation agreement … seeks to bring an end to the various legal challenges that have been taking place between the joint liquidators and the US receivers,” Simon said.

The AG said a consent form was signed releasing the lands in response to legal challenges from parties seeking to claim funds they invested in Stanford International Bank Limited (SIBL). He listed the lands that have been released effective May 20 this year.

“The government has released from its acquisition process the three parcels of land, two of them vacant and the Bank of Antigua headquarters at the airport … and also the Pelican Island property … Government has also released from its acquisition process the three parcels of land in St John’s, the two vacant on High Street and the third housing the bank branch of the Bank of Antigua,” Simon added.

The attorney general explained that the plan, as it regards Bank of Antigua, is for an amalgamation of various indigenous banks within the OECS to take charge of the bank.

“Certain of the assets and liabilities of the Bank of Antigua will be sold to a new corporate entity, ECA the Eastern Caribbean Amalgamated Bank, which is made up of the various indigenous banks within the OECS who will then be taking over the Bank of Antigua,” Simon said.

The refusal of the government to release the lands within the airport compound means that the compulsory acquisition process will continue and Simon assured that compensation will be settled for those eight parcels of land.

“The issue for the compensation for these parcels in accordance with the principles laid down in the Land Acquisition Act has to be settled and the parties are to exercise best endeavours to complete agreement within six months of the order,” he said.

In February last year, the government acquired 254 acres of land previously owned by Allen Stanford, after he was accused of US $8 billion fraud.

Then Minister of Finance and the Economy Dr Errol Cort said that they were forced to take action because the Texan appointed receiver for Stanford International Bank, Stanford Group Company, Stanford Capital Management, as well as the investor and other individuals had sought to impose himself in as the receiver-manager of SIB.