PM slams US move to block aid to Antigua

Prime Minister Baldwin Spencer has criticised moves by some United States legislators to block financial aid to the island after claiming that seizure and confiscation of the Allen Stanford empire in Antigua runs contrary to American interest.



The legislators are demanding complete redress of the issue and have called on the government to relinquish all control over properties now owned by Stanford to US appointed court receivers.



Spencer has described the move as troubling and unfortunate, saying that his government has simply been trying to protect the interest of investors both in Antigua and abroad.



He said the government wanted to ensure that it is included in the process that would determine what would happen to Stanford's properties.



The disgraced Texan billionaire was on Tuesday found guilty of 13 of the 14 charges he faced for allegedly bilking investors out of more than US$7 billion in one of the largest Ponzi schemes in U.S. history using his Antigua-based Stanford Investment Bank (SIB).



"From our standpoint we feel that it was somewhat unfair to proceed to do that," said Spencer.



"However we recognise that these people have their concerns. But they also must recognise that we operate in a jurisdiction where there are laws and systems in place and we have got to operate on the basis of the laws of Antigua & Barbuda."



Spencer said that "while it is true that we can understand their concerns, the reality is that we have not done anything which would prevent individuals or groups from seeking to get what they consider to be justice under the circumstances.



"As a matter of fact we have sought to be as facilitative as possible," he said.



CMC