Antiguan government to probe Stanford companies

The Antigua and Barbuda government said it will be conducting a probe into the operations of the Stanford Group, led by Texan investor Sir Allen Stanford.



This followed the approval from the High Court to appoint an inspector to carry out the probe into the 23 Stanford-owned properties on the island.

Attorney General Justin Simon said the application was made in the national interest in light of the impact of the companies’ operations on the economy.

He said the inspector will be endowed to make inquiries into the activities of several company executives in an effort to assess the viability of the companies.



Sir Allen was recently named as a defendant in a civil complaint filed by the United States Securities and Exchange Commission (SEC) in a US federal court.



He is accused of using his financial advisers to defraud clients out of US$8B.