Antigua's PM pledges action in Stanford case
Antigua's prime minister says parliament will reconvene to deal with fallout from allegations of fraud against R Allen Stanford, the country's largest private employer.world Updated: Feb 24, 2009 09:37 IST
Antigua's prime minister says parliament will reconvene to deal with fallout from allegations of fraud against R Allen Stanford, the country's largest private employer.
Prime Minister Baldwin Spencer told reporters on Sunday night he is concerned about the potential loss of hundreds of jobs and that the government "has decided on a course of action." He did not disclose any details on the plan, however.
A parliamentary session is scheduled for Thursday. The twin-island nation of Antigua and Barbuda dissolved its parliament ahead of general elections scheduled for March 12. But the law allows for it to reconvene in special session to address matters of urgent national interest.
Stanford's businesses employ hundreds of people in Antigua and include two restaurants, a newspaper, cricket grounds and a development company, and a three-branch local bank as well as the headquarters of his offshore bank in the island of about 80,000 people.
The US Securities and Exchange Commission filed a civil lawsuit last week accusing Stanford of a "massive" fraud through Antigua-based Stanford International Bank Ltd.
Stanford, who was served legal papers by FBI agents last week and ordered to surrender his passport, has not been charged with any crime.
First Published: Feb 24, 2009 09:36 IST