Antigua forms new conglomerate
Published:Tuesday | February 24, 2009 | 12:51 PM
The Antigua and Barbuda government said it has avoided a financial disaster with the formation of a new conglomerate that has taken over Sir Allen Stanford\'s Bank of Antigua.
The Eastern Caribbean Amalgamated Financial Company was set up yesterday.
Finance Minister Errol Cort has described the move as an incredible feat.
Sir Allen was last week charged with an US$8 billion fraud.
The Stanford affair is expected to be a prominent issue in the campaign for the general elections scheduled for March 12 in Antigua and Barbuda.