Stanford company suspended

The government of the US Virgin Islands said it has suspended a company owned by Allen Stanford, from a tax incentive programme.



The Executive director of the US Virgin Islands Economic Development Authority, Percival Clouden, said the government is cooperating with a US fraud investigation into Mr Stanford\'s interests.



On Thursday FBI agents served the 58-year-old Texan billionaire with civil legal papers accusing him of an eight billion dollar investment fraud.



Mr Stanford’s affiliate in the US Virgin Islands applied for tax breaks from the authorities in 2006.



The government said while the application was approved, he had not received any tax breaks under the programme, because the administration had not issued the required certificates.