The local lawyer representing jailed financier Allen Stanford says he is yet to be informed that government has initiated proceedings to several companies owned by Stanfard into receivership.

Government’s inability to meet its $18 million debt to disgraced financier R Allen Stanford is said to be the main hold-up for severance payment for hundreds of employees in Antigua.

Government’s indebtedness is more of a worry to the Stanford Group of Companies than the 110-year-sentence its founder and sole shareholder Allen Stanford was meted in the US on Thursday.

R Allen Stanford, the Texas financier accused of leading a $7 billion investment fraud, faces a December 20 hearing to determine whether he is mentally fit to stand trial next year.

Unconfirmed reports yesterday indicate that fees at the airport car park are going to be increased, and the airport authority is seeking to find out more about how the new rates will affect employees.

In a major victory for victims of Allen Stanford’s alleged Ponzi scheme, US regulators have concluded that they should be compensated by a brokerage industry-backed fund.

Attacked by Allen Stanford investors overseas and by the Antigua Labour Party (ALP) at home, National Security Minister Dr Errol Cort has put all his cards on the table, revealing that he paid almost EC $400,000 in income tax during a three-year period under scrutiny and promising to resign if there was proof of any wrongdoing on his part.

A day after attorney for Stanford Group of Companies Hugh Marshall Jr said he was instrumental in getting former employees closer to receiving their retirement fund, another attorney involved in the matter said that Marshall was not the one responsible.

A big payday is coming soon for the former employees of the Stanford Group of Companies who are due to receive their retirement benefits.