After nearly six hours of deliberations, the Antiguan parliament unanimously agreed to move to the Senate a motion to seize some 250 acres of land and properties owned by embattled Texas billionaire Sir Allen Stanford.

Unanimously, because by the time the motion was put to a vote, all of the members of the opposition Antigua Labour Party had left the building.

Earlier, opposition members Asot Michael and Gaston Browne had roundly criticised the proposal, which was championed by the Antiguan attorney general Justin Simon on behalf of the government.

The land and properties include the famous Stanford Cricket Ground, the palatial Stanford International Bank, the Bank of Antigua (which was last week bailed out by the ECCB) and Sir Allen’s private island.

Asot Michael roundly criticised the motion, which he described, in a theatrical performance, as “an unconscionable grab of Allen Stanford’s land”.

“All indications are that this will only frustrate and eventually
force the closure of the very Stanford companies that should remain
open,” he said. “Its overriding motivation is to try to win
votes today by getting back at Allen Stanford under false pretenses of
national interest.”

The government maintained the move was necessary to prevent the land and properties from falling into the hands of the court-appointed US receivers.

The Senate will vote on the motion on Friday.

This entry was posted by Stacy-Marie Ishmael on Thursday, February 26th, 2009 at 23:05 and is filed under Capital markets. Tagged with bank of antigua, Stanford Cricket Ground, Stanford International Bank. Edit this entry.