(20 Feb 2009) SHOTLIST
1. Wide exterior of Stanford International Bank
2. Mid of sign reading (English): “Stanford International Bank”
3. Group of people entering Stanford International Bank
4. SOUNDBITE (English) Ken Kentish, Antiguan attorney:
“He is a big employer in the country, and there are hundreds and thousands of people whose livelihoods depend on the success and the continuance of his businesses. So I’m very concerned about those individuals and the long term effects on the Antiguan economy.”
5. Wide of lawyers walking
6. SOUNDBITE (English) John Fuller, Antiguan attorney:
“I think it’s a monumental disaster. A monumental disaster for the country, for the depositors, for everybody concerned.”
7. Wide exterior of Bank of Antigua
8. Close up of sign reading (English): “Bank of Antigua”
9. SOUNDBITE (English) John Fuller, Antiguan Attorney:
“I have family, family of mine that lives overseas, who have deposited over two million (m) dollars with Stanford International Bank, and they are panicking, just like everyone else who has money there, huge panic. But there’s very little they can do at the moment. They’re going to have to sit back and wait.”
10. Exterior of Bank of Antigua
STORYLINE
Caribbean regulators on Friday took control of an Antiguan bank owned by Texas billionaire R. Allen Stanford to prevent its collapse as depositors rushed to pull their money after American financier was accused of fraud.
The Eastern Caribbean Central Bank, the monetary authority for eight island economies in the region, said the Bank of Antigua’s board of directors requested the intervention because of the “untenable situation” at its three branches in the twin-island nation of Antigua and Barbuda.
The Central Bank Governor did not disclose how much money had been pulled from the bank since Tuesday, when US authorities announced civil fraud charges against Stanford but warned that the bank could face liquidity problems.
Authorities have been urging depositors not to panic, fearing a bank failure could disrupt the local economy.
Antiguan attorney John Fuller described the situation as “monumental disaster,” as he said that thousands of Antiguans are likely to be affected by the Stanford crisis.
Separately, Antigua’s Financial Services Regulatory Commission, which regulates offshore banking, appointed a British firm, Vantis Business Recovery Services, as a receiver of Stanford International Bank and Stanford Trust Company.
US authorities allege Stanford, who holds dual US and Antiguan citizenship, used his offshore Stanford International Bank to lure investors into a scam involving (b) billions of dollars.
Stanford, 58, is a larger-than-life figure in the Caribbean, using his personal fortune, estimated at 2.2 (b) billion by Forbes magazine, to bankroll public works and cricket tournaments.
He also is a major player in US politics, personally donating nearly a (m) million dollars, mostly to Democrats.
He owns a home in the US Virgin Islands, and operates businesses from Houston to Miami and Switzerland to Antigua, where he holds citizenship and the government knighted him in 2006 in recognition of his economic influence and charity work.
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