St. Johns Antigua- Prime Minister Baldwin Spencer says the 110-year jail sentence that was imposed on former investor Allen Stanford is small comfort for Antigua & Barbuda.
The prime minister commented on the matter yesterday while delivering the feature address at a ceremony to mark the official opening of the new Inland Revenue building in the Woods Centre.
He said the disgraced Texan’s legacy has hurt Antigua & Barbuda in ways that both predate and outlive Stanford’s spectacular downfall.
“While this may represent a semblance of closure for some of the investors who lost a combined sum of approximately US$7billion, it provides little relief for Antigua & Barbuda as we remain under constant scrutiny.”
Spencer noted that “our offshore financial services sector has declined significantly as a direct result of the Stanford debacle and it will likely take some years to recover.”
The prime minister said, “despite this fact and the events that have transpired since 2009, we still have our detractors who are full of praise for Mr Stanford and still view him as a saviour – if only they could take their beaks and heads out of the sand.”
Taking a swipe at the opposition Antigua Labour Party, Spencer said, “under the stewardship of our predecessors in office, Antigua & Barbuda was operated as a giant Ponzi scheme and we can appreciate, therefore, the unqualified affinity of the ALP to R Allen Stanford