Caribbean Times 90th issue - Friday 15th April 2016
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.