Antigua Special Parliament sitting to discuss Stanford

A special sitting of the Parliament in Antigua and Barbuda is to be held this week to address issues surrounding developments involving Sir Allen Stanford and his properties in the Caribbean territory.



A statement issued by the Office of the Prime Minister says the decision was made at an emergency meeting of the Baldwin Spencer cabinet on Saturday.



It explained that Spencer will advise Governor General, Dame Louise Lake-Tack to reconvene Parliament although it was dissolved on February 9 to make way for general elections on March 12.



Sir Allen who is the country’s largest private employer was charged by financial regulators in the United States after he was allegedly involved in massive fraud.



Stanford and three of his companies – including the Antigua-based Stanford International Bank – were accused of misrepresenting the safety and liquidity of the uninsured certificates of deposits.



Last week Antigua and Barbuda’s Financial Services Regulatory Commission appointed two British receivers to take control of Stanford International Bank and Stanford Trust Company.



Another of his banks, the Bank of Antigua, was taken over by the Eastern Caribbean Central Bank after the institution was hit by a growing demand from customers to withdraw their deposits.



Sir Allen, who has not been charged with a criminal offence, has had his passport confiscated by US authorities, who have also frozen his accounts.