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Caribbean Times 90th issue - Friday 15th April 2016

Caribbean Times 90th issue - Friday 15th April 2016

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<strong>Friday</strong> <strong>15th</strong> <strong>April</strong> <strong>2016</strong> c a r i b b e a n t i m e s . a g 3<br />

Country still reeling from Stanford debacle<br />

Seven years after the collapse<br />

of the Stanford Holdings<br />

in Antigua, the shock<br />

waves from the fallout are<br />

still being felt by the country.<br />

Information has come to<br />

light that the Antigua and<br />

Barbuda government is being<br />

sued in the state of Texas<br />

by a group of Stanford investors.<br />

“That lawsuit is in an advanced<br />

stage, having been<br />

filed shortly after the 2009<br />

collapse of Stanford.<br />

The then Attorney General<br />

arranged with the law<br />

firm to enter a defence, government<br />

Chief of Staff, Lionel<br />

Max Hurst reported.<br />

According to Hurst the<br />

law firm’s fees are quite helty<br />

and over time they have<br />

amounted to a significant<br />

amount.<br />

“The law firm charges<br />

from US$580.00 per hour to<br />

US$990 per hour. At the moment,<br />

the outstanding payment<br />

to the law firm stands<br />

in excess of US$433,000.<br />

The firm is demanding<br />

US$216,000 by <strong>April</strong> 30.<br />

And to be paid the remaining<br />

$216,000 by June 1, <strong>2016</strong>,”<br />

he stated.<br />

Hurst said the defence<br />

must be done, but he could<br />

not hide his frustrations that<br />

R. Allen Stanford<br />

<strong>issue</strong>s surrounding the Stanford<br />

debacle continue to<br />

shadow the Gaston Browne<br />

Administration.<br />

“There is an appeal pending<br />

and the firm requires<br />

payment of US$75,000 on<br />

that leg of the defence. These<br />

suits must be defended.<br />

“But the betrayal of Stanford<br />

continues to plague the<br />

Antigua and Barbuda people,<br />

not just the workers of<br />

SDC,” he declared.

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