ST. JOHN’S, Antigua – EXACTLY two weeks after the February 9 dissolution of the nation’s parliament signalling the approach of the country’s next General Elections, Prime Minister Hon. Baldwin Spencer is expected to advise Governor-General Dame Louise Lake-Tack today (Feb. 23) to reconvene a sitting of the House of Representatives.
According to a press release issued by the Office of the Prime Minister, the decision to resume both the Lower and Upper (Senate) houses of parliament for a sitting on Thursday and Friday (Feb. 26-27) follows an emergency Cabinet meeting held on Saturday (Feb. 21) which addressed recent developments surrounding R. Allen Stanford and his properties in Antigua-Barbuda.
Much concern had been raised in the island’s financial sector when multi-billionaire investor Stanford was identified by the US Securities and Exchange Commission on February 17 as being part of massive ongoing fraud relating to US $8 billion. Hundreds subsequently rushed to the Bank of Antigua, a subsidiary of Stanford Group of Companies, to withdraw deposits. At the same time, hundreds of jobs may be threatened as Stanford is the second largest employer on the island.
Prime Minister Spencer said the decision is “necessary in order to safeguard the jobs of the thousands of Antiguans and Barbudans employed by the company and stem the negative effects that the action of the US Courts might have on the economy”.
Following the circulation of the news of the Stanford scandal, the Prime Minister, Minister of Finance and Governor of the Eastern Caribbean Central Bank (ECCB), along with a number of banking and finance personnel from local and offshore banks, met last week to discuss an action plan to be immediately instituted as the recent developments were viewed to have possible catastrophic effects on the island’s economy.
On February 20, the ECCB intervened and took control of the operations, assets and liabilities of the Bank of Antigua as possible liquidity problems were foreseen with the sudden massive withdrawals of funds.
The emergency sitting of Parliament is expected to address in full the possible effects the Stanford scandal may have on the nation and is also expected to outline the country’s response to safeguard its financial sector.
According the Prime Minister, the sitting will “in no way affect the staging of the country’s General Elections on March 12” adding that that date would signal the dissolving of the parliament, if it is not done at an earlier time.
Antigua News