More Stanford layoffs expected

By Anika Kentish | July 4, 2009, Saturday |

Print Edition

MORE layoffs for islanders who work for R. Allen Stanford's crippled tropical business empire in Antigua are likely by the end of July, an attorney for the indicted Texas financier said on Thursday.

Hugh Marshall Jr said managers at Stanford's Antigua companies have been told that the island businesses need massive restructuring in hopes they might emerge as leaner companies that can deal with the continued fallout of an alleged US$7 billion offshore investment swindle.

"The object is to keep the companies alive and operating. The question is how," Marshall said. He would not say how many employees might be kept.

Antigua has been trying to contain damage to the local economy as United States investigators probe the alleged fraud. Stanford was indicted last month on charges that his banking empire was really just a Ponzi scheme built on lies and bribery.

US prosecutors allege that Stanford and six others misused most of the US$7 billion they advised clients to invest in certificates of deposit from the Stanford International Bank in Antigua.

Economy

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More Stanford layoffs expected

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