The government of the twin-island nation of Antigua and Barbuda will on Thursday declare its intention to seize more than 250 acres of land belonging to Sir Allen Stanford to  help stabilise an economy thrown into turmoil by the $8bn fraud allegations against the Texan tycoon.

Here’s the statement:

The Government of Antigua and Barbuda will tomorrow convene and emergency meeting of the House of Representatives with the main purpose to move a motion to acquire over 250 acres of land owned by the Stanford Financial Group of Companies.

The move by the government follows an order given in the US District Court for the Northern District of Texas for a receiver to be appointed to take control of the assets of Sir R. Allen Stanford and his companies after he was charged with fraud.

The motion to be moved by the country’s Attorney General is as follows, emphasis FT Alphaville’s:
RESOLUTION AUTHORISING THE SECRETARY TO THE CABINET TO CAUSE A DECLARATION TO BE MADE FOR THE ACQUISITION OF THE LANDS DESCRIBED IN THE SCHEDULE FOR A PUBLIC PURPOSE

WHEREAS by section 3 of the Land Acquisition Act, Cap. 233, it is provided that if the Cabinet considers that any land should be acquired for a public purpose it may, with the approval of the Legislature, cause a declaration to that effect to be made by the Secretary to the Cabinet in the manner provided under section 3 of the said Act;

AND WHEREAS the appointment by the U.S. District Court for the Northern District of Texas of a Receiver to take control of the assets of Stanford International Bank Ltd., the Stanford Group of Companies, and Sir Allen Stanford (Among others) threatens the financial viability of the Bank of Antigua, the prompt payment by the Stanford Group of Companies of the massive outstanding debt to local suppliers and the continued employment of over eight hundred employees at a time of global financial crisis;

AND WHEREAS the Cabinet considers that the parcels of land described in the Schedule hereto be acquired for a public purpose namely to protect the national economy and give necessary support and assistance to the local banking sector and its regulatory authority, the Eastern Caribbean Central Bank;

NOW, THEREFORE, BE IT RESOLVED by this Honourable House that the Secretary to the Cabinet be authorized to cause a declaration to be made in the manner provided under section 3 of the Land Acquisition Act, Cap. 233 to the effect that the parcels of land described in the schedule hereto are required for a public purpose.

This entry was posted by Stacy-Marie Ishmael on Wednesday, February 25th, 2009 at 21:34 and is filed under Capital markets. Tagged with Antigua, Sir Allen Stanford, Stanford International Bank. Edit this entry.