| Stanford`s Bank of Antigua Is No More |
 |
 |
 |
| Written by CaribWorldNews |
| Tuesday, 24 February 2009 09:17 |
|
This means that Stanford’s ownership of the bank, which he has controlled since 1990, officially ends. Antigua and Barbuda’s government will be the largest shareholder, with 25 percent, K. Dwight Venner, president of the Eastern Caribbean Central Bank, said at a press conference in St. John’s Monday. The five regional banks will each have a 15 percent stake, Venner said, adding that the central bank had the right to seize the institution under emergency powers granted it by a 1983 law. The U.S. Securities and Exchange Commission charged Stanford on Feb. 17th with running an $8 billion fraud involving sales of certificates of deposit from Stanford International Bank Ltd., his offshore lender, which is also based in Antigua. |