Spencer and the UPP Government sink to New Low
By Observer News
The government of Antigua & Barbuda might not have to cough up a large sum of money to reacquire two parcels of Stanford-owned land near VC Bird International Airport.
The Daily OBSERVER understands from reliable government sources that the cash-strapped administration has agreed in principle with the Stanford Development Company (SDC) to take over its debt to APUA in exchange for immediate title ownership of the six acres in question.
Assurances also came from government sources that the reacquisition process is not currently delaying the construction of the new airport terminal.
Chairman of the Antigua Public Utilities Authority (APUA) Clarvis Joseph also gave assurances that the statutory corporation would cooperate with attempts to reacquire the lands.
“Bearing in mind that both of the parties have difficulty finding money right now, we will accommodate it because it’s the airport building and if that is going to hold up the airport construction by who has and who doesn’t have money, then (we will) facilitate it,” Joseph said.
He noted the statutory corporation has a court order against SDC that requires the Stanford-owned company to settle a debt of close to $2.4 million by February 6, 2012.
“SDC was sued by APUA for monies that they owed. We have a judgement on that and there is a proposal that they sell the lands to the government and they have said they would like the proceeds of any sale to accrue to APUA,” Joseph said.
“APUA is not indisposed to accommodate that. The question is whether the government and Stanford can agree on that,” Joseph added.
According to the APUA chairman, order is tied to the same two SDC-owned lands that the government wishes to acquire. And he said should SDC fail to settle the debt by the deadline, APUA would be in a position to acquire the lands in order to settle the debt.
The government and SDC are hoping to seal an agreement that would see the government take over the debt in exchange for the land before the February deadline. The first step for the government though would be agreeing on a valuation of the land with SDC.
“If the value of the lands that they arrive at is lower than the debt they owe to APUA, then they would have to pay us the additional amount direct. If the value is more than, then the government would have to pay them the difference. APUA has no problem with that proposition,” Joseph said.
Prime Minister Baldwin Spencer said in his New Year’s address that he has instructed Acting Chairman of the Airport Authority Gatesworth James to negotiate on a price of the land. However James refused to comment on the situation. Meanwhile attempts to contact SDC’s legal representative Hugh Marshall Jr proved unsuccessful.
Showing posts with label expropriation. Show all posts
Showing posts with label expropriation. Show all posts
Thursday, 5 January 2012
Tuesday, 15 November 2011
Central Bank relinquishes control of ECAB
Source: Observer News
The Eastern Caribbean Central Bank (ECCB) has relinquished control of the Eastern Caribbean Amalgamated Bank (ECAB), formerly Bank of Antigua after more than two years.
The ECCB intervened in February 2009 after a run on the indigenous bank by depositors threatened its stability and that of the entire Eastern Caribbean Currency Union.
The central bank said at that time it had taken the step after “an unusual and substantial withdrawal of funds.”
This came on the heels of the indictment of former owner Allen Stanford who is accused of masterminding a seven billion US dollar Ponzi scheme.
Some of the Bank’s assets were used by the Eastern Caribbean Amalgamated Bank (ECAB) which began operating in October 2010.
ECAB comprises five of the largest regional banks across the currency union.
In a notice in Saturday’s Daily OBSERVER newspaper, ECCB Deputy Governor Trevor Brathwaite stated that it had relinquished control of the bank effective November 11, 2011.
The statement read: “The Central Bank shall relinquish control of the Bank and shall not continue to carry on the business of the bank where it has sold or otherwise disposed of the property, assets and undertakings of the Bank.”
The official said this indicates a successful transition from the troubled entity to ECAB.
It was further stated that a receiver would continue to manage and liquidate the remaining assets and liabilities of Bank of Antigua.
The Eastern Caribbean Central Bank (ECCB) has relinquished control of the Eastern Caribbean Amalgamated Bank (ECAB), formerly Bank of Antigua after more than two years.
The ECCB intervened in February 2009 after a run on the indigenous bank by depositors threatened its stability and that of the entire Eastern Caribbean Currency Union.
The central bank said at that time it had taken the step after “an unusual and substantial withdrawal of funds.”
This came on the heels of the indictment of former owner Allen Stanford who is accused of masterminding a seven billion US dollar Ponzi scheme.
Some of the Bank’s assets were used by the Eastern Caribbean Amalgamated Bank (ECAB) which began operating in October 2010.
ECAB comprises five of the largest regional banks across the currency union.
In a notice in Saturday’s Daily OBSERVER newspaper, ECCB Deputy Governor Trevor Brathwaite stated that it had relinquished control of the bank effective November 11, 2011.
The statement read: “The Central Bank shall relinquish control of the Bank and shall not continue to carry on the business of the bank where it has sold or otherwise disposed of the property, assets and undertakings of the Bank.”
The official said this indicates a successful transition from the troubled entity to ECAB.
It was further stated that a receiver would continue to manage and liquidate the remaining assets and liabilities of Bank of Antigua.
Monday, 17 May 2010
Will the International Monetary Fund Become an Accomplice of the Outlaw Government of Antigua?
The COALICION VICTIMAS DE STANFORD AMERICA LATINA asks: "Will the International Monetary Fund (IMF) become another accomplice of the Government of Antigua, knowing that this Government was a partner in crime with R. Allen Stanford in the perpetration of the largest pyramidal fraud in history? Why help them if its Government has not responded for the $7.2 billion dollars that were robbed from the victims distributed in 113 countries, with the complicity of the Financial Services Regulatory Commission (FSRC) of Antigua's Ministry of Finance?
In order to understand the criminal role played by Antigua in the perpetration of this Ponzi scheme, Jaime R. Escalona, Leader of COALICION VICTIMAS DE STANFORD AMERICA LATINA explained the following:
"Among the government of Antigua's many outstanding debts owed to Stanford's victims that it has not seen fit to pay are:
- Loans made from Stanford's companies directly to the Government of Antigua, presumably made with the investors' money. It is estimated that these loans are more than $230 million dollars.
- Payment for the illegal seizure of property by Antigua's government once the fraud was discovered in February of 2009. It is estimated that more than 40 properties were confiscated by the Government of Antigua, valued in several hundreds of millions dollars.
- Payment for the confiscation of the Bank of Antigua, property of Stanford's victims, affected illegally in 2009 by the Eastern Caribbean Central Bank (ECCB). This Eastern Caribbean Central Bank became another criminal partner of the Government of Antigua by illegally distributing the Bank of Antigua's assets between the Government of Antigua and 5 other banks in the Caribbean: Antigua Commercial Bank Ltd.; Eastern Caribbean Financial Holdings Company Ltd. in St. Lucia; National Commercial Bank (SVG) Ltd. in St. Vincent y the Grenadines; National Bank de Dominica Ltd.; and St. Kitts-Nevis-Anguilla National Bank Ltd.
According to the complaint presented by the SEC (Securities and Exchange Commission) of the United States and the investigations conducted by the Department of Justice (DOJ) of the United States; Leroy King, ex-Director of the Financial Services Regulatory Commission (FSRC) from the Ministry of Finance of Antigua, in addition to allowing Stanford to operate his Banks without real regulatory supervision, lied and kept information from the SEC and other International Regulators in order to protect Stanford's fraudulent businesses. In exchange for these favors, Stanford added him to his payroll, transferring illicit payments through Banks in the United States.
With the money robbed from the innocent depositors, R. Allen Stanford committed the following illicit acts:
- Bribed the corrupt Antigua Government Officials.
Provided money for payment of the Island's public employee's payroll.
- Financed new executive facilities for the Government.
- Donated money to build a National Library and
- Donated money to build a University complex
Escalona asks: "Does the IMF not investigate the performance of the Governments that solicit loans? Is it possible that these misdeeds are not sufficient to negate the requested loan by the Government of Antigua?"
"It is important to remind Mr. Dominique Strauss-Kahn, IMF's Managing Director and his significant team of Executive Directors that the majority of Latin American victims are honest people; many are elderly, ill or close to retirement. Stanford's victims are also citizens of countries represented by members of the IMF and for this reason we have the right to be served by the Executive Director and obtain a timely response to our requests;" commented Escalona.
In reference to the economic aid requested by Antigua, Escalona concluded saying, "At this moment the IMF should not give economic assistance to the Government of Antigua. The IMF must show solidarity with Stanford's victims, demanding the Government of Antigua to begin the immediate restitution of the money that was cruelly stolen from the victims with the complicity of the Regulatory Authorities of the Island."
Contact:
Jaime R. Escalona
Leader Coalicion Victimas de Stanford
America Latina
E-mail: jaenrodes@gmail.com;
victimasdestanford@gmail.com
Telephone: (512) 377 9255
In order to understand the criminal role played by Antigua in the perpetration of this Ponzi scheme, Jaime R. Escalona, Leader of COALICION VICTIMAS DE STANFORD AMERICA LATINA explained the following:
"Among the government of Antigua's many outstanding debts owed to Stanford's victims that it has not seen fit to pay are:
- Loans made from Stanford's companies directly to the Government of Antigua, presumably made with the investors' money. It is estimated that these loans are more than $230 million dollars.
- Payment for the illegal seizure of property by Antigua's government once the fraud was discovered in February of 2009. It is estimated that more than 40 properties were confiscated by the Government of Antigua, valued in several hundreds of millions dollars.
- Payment for the confiscation of the Bank of Antigua, property of Stanford's victims, affected illegally in 2009 by the Eastern Caribbean Central Bank (ECCB). This Eastern Caribbean Central Bank became another criminal partner of the Government of Antigua by illegally distributing the Bank of Antigua's assets between the Government of Antigua and 5 other banks in the Caribbean: Antigua Commercial Bank Ltd.; Eastern Caribbean Financial Holdings Company Ltd. in St. Lucia; National Commercial Bank (SVG) Ltd. in St. Vincent y the Grenadines; National Bank de Dominica Ltd.; and St. Kitts-Nevis-Anguilla National Bank Ltd.
According to the complaint presented by the SEC (Securities and Exchange Commission) of the United States and the investigations conducted by the Department of Justice (DOJ) of the United States; Leroy King, ex-Director of the Financial Services Regulatory Commission (FSRC) from the Ministry of Finance of Antigua, in addition to allowing Stanford to operate his Banks without real regulatory supervision, lied and kept information from the SEC and other International Regulators in order to protect Stanford's fraudulent businesses. In exchange for these favors, Stanford added him to his payroll, transferring illicit payments through Banks in the United States.
With the money robbed from the innocent depositors, R. Allen Stanford committed the following illicit acts:
- Bribed the corrupt Antigua Government Officials.
Provided money for payment of the Island's public employee's payroll.
- Financed new executive facilities for the Government.
- Donated money to build a National Library and
- Donated money to build a University complex
Escalona asks: "Does the IMF not investigate the performance of the Governments that solicit loans? Is it possible that these misdeeds are not sufficient to negate the requested loan by the Government of Antigua?"
"It is important to remind Mr. Dominique Strauss-Kahn, IMF's Managing Director and his significant team of Executive Directors that the majority of Latin American victims are honest people; many are elderly, ill or close to retirement. Stanford's victims are also citizens of countries represented by members of the IMF and for this reason we have the right to be served by the Executive Director and obtain a timely response to our requests;" commented Escalona.
In reference to the economic aid requested by Antigua, Escalona concluded saying, "At this moment the IMF should not give economic assistance to the Government of Antigua. The IMF must show solidarity with Stanford's victims, demanding the Government of Antigua to begin the immediate restitution of the money that was cruelly stolen from the victims with the complicity of the Regulatory Authorities of the Island."
Contact:
Jaime R. Escalona
Leader Coalicion Victimas de Stanford
America Latina
E-mail: jaenrodes@gmail.com;
victimasdestanford@gmail.com
Telephone: (512) 377 9255
Thursday, 6 May 2010
Wicker & Cochran: IMF Should Not Approve Loan for Antigua
News Release
FOR IMMEDIATE RELEASE
May 6, 2010
CONTACT: Courtney Sanders (Wicker)
(202) 224-6253
Chris Gallegos (Cochran)
(202) 224-6414
Wicker & Cochran: IMF Should Not Approve Loan for Antigua Unless Ponzi Victims’ Property is Released
“Thousands of U.S. victims of the Stanford fraud have been financially devastated.”
WASHINGTON, D.C. – As the International Monetary Fund (IMF) moves closer to approving a substantial loan to the Commonwealth of Antigua and Barbuda, U.S. Senators Roger Wicker and Thad Cochran (R-Miss.) today called on the government of Antigua to release several hundred million dollars that it seized from fraudulent financier Allen Stanford.
Stanford is known to have had close ties with the government of Antigua and Barbuda, and is alleged, among other things, to have loaned that government tens of millions of dollars which presumably came from Stanford investor funds. U.S. authorities have taken issue with lack of cooperation by the government of Antigua and Barbuda on a number of Stanford-related issues, including its expropriation of Stanford property and its refusal to cooperate with the U.S. receiver in charge of gathering the assets of the Stanford Financial Group to distribute among the victims of the fraud.
The lawmakers sent a letter to the President, calling on him to urge U.S. representatives at the IMF to vote against the loan to Antigua and Barbuda.
Excerpts from the letter:
“In light of Antigua’s failure to assist and cooperate in the ongoing investigation of Stanford Financial or to assist defrauded investors in their efforts to recover their losses, we ask that you urge the U.S. representatives to the IMF to vote against this loan.
“Following the collapse of the Stanford Financial scheme, the Antigua government seized Stanford-owned property estimated to be worth several hundred million dollars. In addition, Antigua acknowledges that it is indebted to the Stanford entities (and in effect to its victims) for unpaid loans totaling several hundred million dollars. The government of Antigua should pay fair-market value or release the seized properties to the court-appointed receiver in the United States so the victims of the fraud may be compensated.
“The thousands of U.S. victims of the Stanford fraud are primarily retirement-age, middle-class Americans who have been financially devastated by this crime. We hope you agree that it would be entirely inappropriate for the U.S. to assist a country that has committed a crime against our own citizens. We urge you to take swift action to prevent the pending IMF loan from moving forward.”
The letter was signed by Sens. Wicker, Cochran, Mary Landrieu (D-La.), Saxby Chambliss (R-Ga.), Richard Shelby (R-Ala.), Lamar Alexander (R-Tenn.), Bob Casey (D-Pa.), Johnny Isakson (R-Ga.), Richard Burr (R-N.C.), David Vitter (R-La.), Bob Corker (R-Tenn.), and George LeMieux (R-Fla.).
Last year, Cochran and Wicker introduced a Senate resolution aimed at preventing the government of Antigua and Barbuda from receiving financial aid if it continues to hinder efforts to recover billions lost in the Stanford Financial Group fraud scandal.
In March, the lawmakers also cosponsored bipartisan legislation that would provide tax relief to victims of ponzi schemes, allowing small investors to recoup some of their losses from financial scams.
FOR IMMEDIATE RELEASE
May 6, 2010
CONTACT: Courtney Sanders (Wicker)
(202) 224-6253
Chris Gallegos (Cochran)
(202) 224-6414
Wicker & Cochran: IMF Should Not Approve Loan for Antigua Unless Ponzi Victims’ Property is Released
“Thousands of U.S. victims of the Stanford fraud have been financially devastated.”
WASHINGTON, D.C. – As the International Monetary Fund (IMF) moves closer to approving a substantial loan to the Commonwealth of Antigua and Barbuda, U.S. Senators Roger Wicker and Thad Cochran (R-Miss.) today called on the government of Antigua to release several hundred million dollars that it seized from fraudulent financier Allen Stanford.
Stanford is known to have had close ties with the government of Antigua and Barbuda, and is alleged, among other things, to have loaned that government tens of millions of dollars which presumably came from Stanford investor funds. U.S. authorities have taken issue with lack of cooperation by the government of Antigua and Barbuda on a number of Stanford-related issues, including its expropriation of Stanford property and its refusal to cooperate with the U.S. receiver in charge of gathering the assets of the Stanford Financial Group to distribute among the victims of the fraud.
The lawmakers sent a letter to the President, calling on him to urge U.S. representatives at the IMF to vote against the loan to Antigua and Barbuda.
Excerpts from the letter:
“In light of Antigua’s failure to assist and cooperate in the ongoing investigation of Stanford Financial or to assist defrauded investors in their efforts to recover their losses, we ask that you urge the U.S. representatives to the IMF to vote against this loan.
“Following the collapse of the Stanford Financial scheme, the Antigua government seized Stanford-owned property estimated to be worth several hundred million dollars. In addition, Antigua acknowledges that it is indebted to the Stanford entities (and in effect to its victims) for unpaid loans totaling several hundred million dollars. The government of Antigua should pay fair-market value or release the seized properties to the court-appointed receiver in the United States so the victims of the fraud may be compensated.
“The thousands of U.S. victims of the Stanford fraud are primarily retirement-age, middle-class Americans who have been financially devastated by this crime. We hope you agree that it would be entirely inappropriate for the U.S. to assist a country that has committed a crime against our own citizens. We urge you to take swift action to prevent the pending IMF loan from moving forward.”
The letter was signed by Sens. Wicker, Cochran, Mary Landrieu (D-La.), Saxby Chambliss (R-Ga.), Richard Shelby (R-Ala.), Lamar Alexander (R-Tenn.), Bob Casey (D-Pa.), Johnny Isakson (R-Ga.), Richard Burr (R-N.C.), David Vitter (R-La.), Bob Corker (R-Tenn.), and George LeMieux (R-Fla.).
Last year, Cochran and Wicker introduced a Senate resolution aimed at preventing the government of Antigua and Barbuda from receiving financial aid if it continues to hinder efforts to recover billions lost in the Stanford Financial Group fraud scandal.
In March, the lawmakers also cosponsored bipartisan legislation that would provide tax relief to victims of ponzi schemes, allowing small investors to recoup some of their losses from financial scams.