Antigua seizes Sir Allen Standford's lands for "public purpose"

The Antigua and Barbuda Parliament has passed a resolution to take ownership of 254 acres of Sir Allen Stanford's lands in the island. But in an about turn the opposition Antigua Labour Party (ALP) refused to support the move. ALP leader, Lester Bird, had given support for the move just days ago.

When the motion went to the Senate for approval all three of the ALP Senators were absent. The ALP adopted the same approach in the House of Representatives where it pass unopposed

The ALP accused the governing United Progressive Party (UPP) of moving too fast in compulsorily acquiring Sir Allen's property.

But government has insisted that its action was urgent and necessary to ensure that the lands did not fall into foreign hands as the US Securities and Exchange Commission (SEC) continues building its case against Sir Allen who is accused of two separate fraud activities totaling US$9.2 billion.

Finance Minister Dr Errol Cort told Parliament the receiver appointed by the SEC had sent letters to commercial banks that did business with the Texan billionaire informing them they had to freeze any assets related to him.

It was against this background, he said, that the decision was taken to secure Antigua and Barbuda's land.

"Because of that action taken by the receiver in respect of our own commercial bank within the OECS (Organisation of Eastern Caribbean States), we discussed at the Monetary Council and agreed that the receiver has no legal jurisdiction over these funds," he told his colleagues.

"The same receiver has sought to go after assets of Stanford International Bank (SIB) all over the world. The receiver has sent notices to all employees instructing the employees what they can and cannot say, what they should and should not do. So, in effect, the receiver in the United States has sought to impose himself in terms of the receiver-manger of this entity."

The ALP members in both houses have dismissed the and charged that the UPP was using the situation to score political points ahead of next month's general elections.

"I believe this particular motion is certainly premature," said deputy political leader Gaston Browne. "It is coming at a time when Stanford has not even been indicted. I believe this resolution should be deferred until a later time."

Opposition leader Steadroy Benjamin expressed similar sentiments, saying that the government should act "at the appropriate time once we are satisfied that we have the legal basis and there is due process".

But three days earlier the ALP's political leader said he welcomed the reconvening of parliament - which had been dissolved to prepare for the March 12th poll - in order to deal with the matter.

"The ALP welcomes the recall of Parliament - the highest decision making body in the land - because we want to ensure that the Stanford assets do not fall into foreign hands that the authorities of this country have not vetted and approved, and with whom there is no contractual understanding," Bird said at the time.

"Similarly, the Labour Party is deeply concerned about the existing Stanford Companies and their many employees who are citizens and residents of Antigua and Barbuda. We want those companies preserved in Antiguan and Barbudan ownership and the employment of these people preserved."