Vantis Business Recovery Services, which was appointed to liquidate R Allen Stanford-owned lands released by the government, was relieved of its duties by a court ruling on Tuesday.
Caribarena.com received reliable information that the company, along with joint liquidators Nigel Hamilton-Smith and Peter Wastell, are no longer to preside over the sale of Stanford lands.
Attorney General Justin Simon confirmed this on Tuesday night, when Caribarena.com received the information.
Simon said he had not seen the judgment, but it is his understanding that the claimant is to provide three names to the court for a determination on who is the best replacement.
Wednesday, 9 June 2010
Cabinet Backs New Guiana Island Project
The Cabinet of Antigua & Barbuda has endorsed a development proposal for Guiana Island and Crump Peninsular, in spite of its earlier position to declare the lands part of a protective management plan for a marine sanctuary.
The land, situated in St Peter’s parish and owned by R Allen Stanford’s Stanford International Bank (SIB) – have been a contentious topic stretching between past and present administrations and stirring environmental activists.
It is now in the hands of joint liquidators as Stanford awaits his trial in the United States following an investigation for fraud by the US Securities Exchange Commission.
These lands were, however, never among those parcels compulsory acquired by the government and now handed over. Attorney General Justin Simon announced in Parliament on May 27 that some of the lands were released to Vantis Business Recovery Services to generate money to repay investors who were allegedly defrauded.
According to information on www.iprantigua.com, Gilbert Boustany, acting on behalf of liquidator Nigel Hamilton-Smith, is seeking interested investors for acquisition of the land and the Island Paradise Resort Development project.
So far, the joint liquidators Hamilton-Smith and Peter Wastell of Vantis Business Recovery Services have “engaged OBMI and Ernst & Young to create a master plan vision and a high level feasibility study for the future development of the site.”
In a letter dated February 20, 2010 to Boustany, the government gave its seal of approval to the Island Paradise Resort (IPR) proposal.
“This is to advise that the Government of Antigua and Barbuda is in strong support of the Island Paradise Resort Development Project and the Crump Peninsular and Guiana Island,” the letter said. “At a meeting of the Cabinet on Thursday 18th, February the project was presented by Antigua and Barbuda Investment Authority and received favourable consideration from the Cabinet. I look forward to continuing working closely with your group to see the full completion of this project." It was signed by Minister of Tourism, Civil Aviation and Culture John Maginley.
The AG confirmed to Caribarena.com that Cabinet met to discuss the proposal and later submitted an agreement in principle.
“The creators were seeking to attract investors and basically indicating to investors the kind of development, and they wanted the government’s OK in principle to that kind of development on Guiana Island… there is an agreement in principle with the development proposals,” he said. “There has been no firm proposal in respect of the development. What they wanted was to advertise the place and to see what kind of development would be supported when they present it to would-be investors."
The IPR website said the company intends to create a project that will rank first among destinations in Antigua, and significantly boost tourism. It also promises to preserve the existing natural resources on the site.
Caribarena.com has been informed that the proposal has reached the Development Control Authority (DCA) for consideration. We were further told that DCA had forwarded the document to the Environmental Division for review, and to submit recommendations. However, this has not been confirmed by those bodies.
Simon, however, told Caribarena.com that for a plan to reach DCA, it must be presented by the person or persons who would be leading the actual development.
The overall project, as stated on the IPR website, includes five hotels with 1,060 rooms, in addition to 1,300 residential units, a golf course, a casino and sports marine, and commercial facilities on the 982 acres of Crump Peninsula, 478 acres of Guiana Island, and 52 acres on Crump Island.
In 2007, the United Progressive Party (UPP) administration refused to sell Guiana Island Farms land to Stanford for the construction of a multi-million dollar development.
Nonetheless, Stanford managed to bypass the government, and acquired the land from Asian Village Antigua Limited, owned by Dato Tan Kay Hock.
Dato Tan had failed to deliver on an agreement with the Antigua Labour Party (ALP) government to construct a resort on the property.
Update: Since writing this article, caribarena.com has confirmed that the joint liquidators Nigel Hamilton-Smith and Peter Wastell of Vantis Business Recovery Services are no longer the liquidators. It is also unknown who will assume the liquidation duties.
The land, situated in St Peter’s parish and owned by R Allen Stanford’s Stanford International Bank (SIB) – have been a contentious topic stretching between past and present administrations and stirring environmental activists.
It is now in the hands of joint liquidators as Stanford awaits his trial in the United States following an investigation for fraud by the US Securities Exchange Commission.
These lands were, however, never among those parcels compulsory acquired by the government and now handed over. Attorney General Justin Simon announced in Parliament on May 27 that some of the lands were released to Vantis Business Recovery Services to generate money to repay investors who were allegedly defrauded.
According to information on www.iprantigua.com, Gilbert Boustany, acting on behalf of liquidator Nigel Hamilton-Smith, is seeking interested investors for acquisition of the land and the Island Paradise Resort Development project.
So far, the joint liquidators Hamilton-Smith and Peter Wastell of Vantis Business Recovery Services have “engaged OBMI and Ernst & Young to create a master plan vision and a high level feasibility study for the future development of the site.”
In a letter dated February 20, 2010 to Boustany, the government gave its seal of approval to the Island Paradise Resort (IPR) proposal.
“This is to advise that the Government of Antigua and Barbuda is in strong support of the Island Paradise Resort Development Project and the Crump Peninsular and Guiana Island,” the letter said. “At a meeting of the Cabinet on Thursday 18th, February the project was presented by Antigua and Barbuda Investment Authority and received favourable consideration from the Cabinet. I look forward to continuing working closely with your group to see the full completion of this project." It was signed by Minister of Tourism, Civil Aviation and Culture John Maginley.
The AG confirmed to Caribarena.com that Cabinet met to discuss the proposal and later submitted an agreement in principle.
“The creators were seeking to attract investors and basically indicating to investors the kind of development, and they wanted the government’s OK in principle to that kind of development on Guiana Island… there is an agreement in principle with the development proposals,” he said. “There has been no firm proposal in respect of the development. What they wanted was to advertise the place and to see what kind of development would be supported when they present it to would-be investors."
The IPR website said the company intends to create a project that will rank first among destinations in Antigua, and significantly boost tourism. It also promises to preserve the existing natural resources on the site.
Caribarena.com has been informed that the proposal has reached the Development Control Authority (DCA) for consideration. We were further told that DCA had forwarded the document to the Environmental Division for review, and to submit recommendations. However, this has not been confirmed by those bodies.
Simon, however, told Caribarena.com that for a plan to reach DCA, it must be presented by the person or persons who would be leading the actual development.
The overall project, as stated on the IPR website, includes five hotels with 1,060 rooms, in addition to 1,300 residential units, a golf course, a casino and sports marine, and commercial facilities on the 982 acres of Crump Peninsula, 478 acres of Guiana Island, and 52 acres on Crump Island.
In 2007, the United Progressive Party (UPP) administration refused to sell Guiana Island Farms land to Stanford for the construction of a multi-million dollar development.
Nonetheless, Stanford managed to bypass the government, and acquired the land from Asian Village Antigua Limited, owned by Dato Tan Kay Hock.
Dato Tan had failed to deliver on an agreement with the Antigua Labour Party (ALP) government to construct a resort on the property.
Update: Since writing this article, caribarena.com has confirmed that the joint liquidators Nigel Hamilton-Smith and Peter Wastell of Vantis Business Recovery Services are no longer the liquidators. It is also unknown who will assume the liquidation duties.
Monday, 7 June 2010
What the UN Thinks of Antigua
Overview
In 2009, the sudden implosion of the Stanford Financial Group due to an alleged $8 billion investment fraud exposed strong ties between billionaire financier R. Allen Stanford and the government of Antigua and Barbuda. Several defrauded investors filed lawsuits claiming that the government had benefited from the schemes and aided in the cover-up, heightening political tensions in the country.
http://www.unhcr.org/refworld/docid/4c0ceb0bc.html
In 2009, the sudden implosion of the Stanford Financial Group due to an alleged $8 billion investment fraud exposed strong ties between billionaire financier R. Allen Stanford and the government of Antigua and Barbuda. Several defrauded investors filed lawsuits claiming that the government had benefited from the schemes and aided in the cover-up, heightening political tensions in the country.
http://www.unhcr.org/refworld/docid/4c0ceb0bc.html
Thursday, 3 June 2010
Stanford Retirement Payout Due Soon
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.
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.