Stanford Victims Applaud Court Ruling

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Thursday, 31 January 2013 02:30

By caribarena news

Antigua St. John's - The Stanford International Victims Group (SIVG) is pleased with Justice Pearletta Lanns’ recent ruling that invalidates all actions by former Stanford Development Company director Barbara Streete from 2010 to 2012.

The ruling came in keeping with the expiration of Streete’s directorship in 2010. Her position was not renewed, despite an application in 2012 by the company’s attorney. The application was denied

A spokesperson for the SIVG said the group was optimistic that the court’s ruling marked the first step toward the properties on Antigua that were purchased with the victims’ money being taken out of the control of the Stanford Development Company.

This was the second court ruling to this effect. But despite that optimism, SDC attorney Hugh Marshall has said the ruling will be appealed. Street will also be challenging the Registrar’s decision to deny her request.

Directorships expire annually under the laws of Antigua & Barbuda and it is required that directors seek renewals each year. However, these renewals are not always guaranteed.

“It has taken a long time, but thanks to the efforts of Grant Thornton, these properties are now on line to be returned back to the people whose money was illegally used by Allen Stanford to purchase them in the first place,” the SIVG spokesperson said.

“I hope that any costs associated with Ms Street’s appeal will be met with her own money and that she does not expect her costs to be met by the Grant Thornton and the Stanford Victims,” the spokesperson added. When asked for a remark on the updated status of Streete’s appeal, attorney Hugh Marshall Jr did not comment.

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