Antigua gov’t to take over Stanford lands

The Antigua and Barbuda government will today move to implement steps to acquire more than 250 acres of land owned by the Stanford Financial Group of Companies.



In an unprecedented move, the Baldwin Spencer administration opted to reconvene both houses of parliament.



This will allow for the tabling of a special motion to give the government the right to seize Stanford company lands on the island’s northeast.



The Lower House will convene today while the Senate will hold its emergency session tomorrow.



Spencer said his government is seeking to protect the patrimony of Antigua and Barbuda.



A government statement said the Cabinet believes the Stanford land should be acquired to protect the national economy and give support to the local banking sector and its regulatory authority, the Eastern Caribbean Central Bank.