Antigua To Acquire Stanford Property For Airport Project

Category: Antigua & Barbuda Created on Friday, 06 January 2012 07:49 Published Date

The Antigua and Barbuda government says it will acquire property owned by the company of former financier, Allen Stanford, as it seeks to construct a new terminal at the VC Bird International Airport.

Prime Minister Baldwin Spencer said the construction of the new terminal, which begins this month, necessitates the utilisation of two parcels of land currently owned by Stanford Development Company Limited.

Spencer said the Texan-born financier, who is now awaiting trial in the United States on charges of running an alleged US$7 billion Ponzi scheme using his bank in Antigua, had in February 2003 purchased 25.59 acres around the airport compound from the government, including the two parcels at a concessionary price of EC$1.10 (US$0.40) per square foot.

Spencer has instructed the Airport Authority to hold discussions with the company this week "towards arriving at a reasonable sale price of the two parcels of land back to government and on terms that will allow for immediate occupation".

Photo Credit To 365 Antigua