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Monday, March 8, 2010

Pressure mounts on Antiguan government over Stanford fiasco

Source - Antigua Sun

Congressman Mike Coffman of Colorado has introduced a resolution in the US House of Representatives seeking to pressure Antigua and Barbuda over the alleged multi-billion dollar Ponzi scheme involving disgraced Texan financier, Sir Allen Stanford.

The four-page resolution which was introduced last Friday has been referred to the US House of Representatives Financial Services Committee and is now awaiting a vote.

It calls on US Executive Directors to the International Monetary Fund (IMF) and the World Bank to ensure that any loan provided to Antigua and Barbuda should have conditions attached.

Coffman wants the Baldwin Spencer administration to release to the US receiver all of Sir Allen properties that were compulsorily acquired and that the country makes several monetary contributions for the benefit of investors who lost money in the alleged scheme that US regulators said amounted to US$ 7 billion.

Specifically, it asks that the government be pressed to give the US receivership estate being managed by Ralph Janvey the same amount of money provided to Antigua and Barbuda by Sir Allen or any Stanford-affiliated entity.

A similar Senate resolution sponsored by eight US Senators in December 2009 is now pending a vote by the Senate Foreign Relations Committee.

The Baldwin Spencer government has in the past criticised the moves to blacklist the country over the affair and has described as “unbelievable” a class action lawsuit filed in the United States by a group of disgruntled investors against the Eastern Caribbean Central Bank (ECCB) and the government.

The so-called Stanford Victims Coalition, which filed the action in a New York court claims its 28,000 members fell prey to Sir Allen, who is alleged to have conducted the scheme through his Antigua-based Stanford International Bank.

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