(Antigua Sun) Attorney-General Justin Simon announced on Monday in Parliament that the acquisition of the lands owned by Sir Allen Stanford through various companies is being challenged in the courts.
In February, Parliament compulsorily acquired 48 parcels of land throughout the island registered in six or seven Stanford companies.
He reported on Monday that the matter is before the courts and is being challenged.
Simon said he cannot speak much about the issue because The Companies Act prevents him from making any particulars public unless by court order.
It was revealed, however, that Sir Allen Stanford had a grand total of 24 companies registered in Antigua and Barbuda. The registrar of companies in respect of those locally registered companies has decided to take certain action as well, said Simon.
He said, “Suffice it to say that action had been taken seeking an order from the court in respect of those various companies and the matter is still pending before the court. So therefore we are locked in a situation where we are not able to proceed as we would like to in light of the pending legal actions.”
It also came to light during the investigation of this matter that Stanford also managed to acquire Guiana Island Farms lands from Asian Village Antigua Ltd, owned by Dato Tan Kay Hock, who had promised to develop a resort.
Simon said, “It was a rather clever though acceptable manner in which it was done.”
Apparently Asian Village was found to be incorporated in Tortola, the shares of which was held by another company registered in the Isle of Man, held by yet another company in the Isle of Man, whose shares are owned by Allen Stanford. This means that Stanford is now the sale director of Asian Village Antigua Ltd.
The 1,145 acres of land, sold by the Antigua Labour Party in the 1990’s for $15 million includes 500 acres on Guiana Island as well as two other islands with some on the mainland.
There was a caution put on the land because the government had by court order imposed undeveloped land tax on the lands retrospectively. Due to a suit, which Asian Village won, the government is now obliged to remove the caution.
