Antigua launches investigation into Stanford property

The Antigua and Barbuda government is to launch an investigation into the acquisition of Guiana Island, the largest offshore island in the twin island state owned by Texan financier Allen Stanford.



The Antigua Sun has reported that Attorney General Justin Simon is concerned about the price the island was sold for to Stanford.



The island was reportedly sold for $68 million.



Stanford had initially offered $22 million for the property.



The Attorney General says the criminal investigation would include the circumstances in which the transfer of shares were made, as well as the value of the assets.



He says certain questions have also been in respect of money laundering, a matter which he stated would also need to be investigated.



Mr. Simon says he’s also looking into the Mutual Legal Assistance treaty, between the United States and Antigua, which would open the gates for the flow of information about Stanford and his operations in both countries.