U.S. Congress Seeks Hearing to Examine Antigua Government's Role in $7 Billion Stanford Pnzi Scheme
A group of ten United States Congressmen from seven states have asked House Committee on Foreign Affairs Chairman Ileana Ros-Lehtinen (R-FL) to hold a Congressional hearing to investigate the government of Antigua and Barbuda’s role in the $7.2 Stanford billion Ponzi scheme and determine if international treaties have been violated.
Eighteen U.S. Representatives from nine states have recently joined House Resolution 507 expressing the sense of the House of Representatives that the “Government of Antigua and Barbuda has committed numerous acts against the interests of United States citizens and operated the financial sector and judicial system of Antigua and Barbuda in a manner that is manifestly contrary to the public policy of the United States."
Led by Representative Mike Coffman (R-CO), the Resolution was referred to the House Committee on Foreign Affairs’ Subcommittee on Terrorism, Nonproliferation and Trade, and the Subcommittee on the Western Hemisphere. The letter sent to Chairman Ros-Lehtinen today seeks a joint hearing of both subcommittees, and urges a prompt response as the actions cited in the letter “continue to harm” the constituents of the Resolution cosponsors.
While the Resolution focuses primarily on the actions of the government of Antigua and Barbuda to challenge the authority of the U.S. District Court and the Department of Justice in the aftermath of the Stanford Financial Group fraud, it also cites the illegal expropriation of U.S. citizen-owned Half Moon Bay.
“We are especially alarmed the Stanford case is not the first instance in which the government of Antigua and Barbuda has illegally seized assets belonging to U.S. citizens,” the letter states. “The 2007 expropriation of Half Moon Bay, owned by 12 U.S. citizens, was recently cited in the Ninth Report to Congress on the Operation of the Caribbean Basin Economic Recovery Act (December 31, 2011). In that report, the Office of the United States Trade Representative specifically referenced the government of Antigua and Barbuda’s failure to meet the requirements specified in the United States Caribbean Basin Trade Partnership Act.”
A jury in Houston, Texas recently found Allen Stanford guilty of 13 of 14 criminal counts alleged by the U.S. Department of Justice, and subsequently approved the forfeiture of $330 million currently held in Stanford-owned bank accounts in the UK, Switzerland and Canada.
Joint Liquidators appointed first by the government of Antigua and Barbuda and then by the High Court of Antigua have litigated in foreign jurisdictions to gain control of the proceeds of the forfeited bank accounts.
“The three-year international turf war waged by the Antiguan Joint Liquidators has cost Stanford victims tens of millions of dollars that would have otherwise been available for their recovery,” said Peter D. Morgenstern, an attorney representing hundreds of Stanford victims. “Continued litigation by Joint Liquidators Marcus Wide and Hugh Dickson of Grant Thornton—for no reason other than to enrich themselves at the expense of Stanford victims—could keep the forfeited funds from Stanford victims for years.
“The government of Antigua and Barbuda acted as Allen Stanford’s business partner, and allowed him to operate above the law for two decades as he stole from thousands of innocent investors from around the world,” said Angela Shaw, the Director and Founder of the Stanford Victims Coalition. “Instead of taking steps to cooperate with the U.S. government and the U.S. District Court-appointed Receiver to help Stanford victims recover their losses, the government of Antigua and Barbuda looked out for itself—seizing assets that were funded by Stanford investors, and defaulting on loans
made with stolen funds. Under no circumstances should such a country receive U.S. taxpayer funds.”
House Resolution 507 is led by Representative Mike Coffman of Colorado, and joined by House Judiciary Committee Chairman Lamar Smith, Representatives Michael McCaul, John Culberson, Ted Poe, Kay Granger, Kenny Marchant, and Pete Sessions, all of Texas; Representatives Jeff Boustany and Bill Cassidy, both of Louisiana; Representative Jo Bonner of Alabama; Representatives John Duncan and Steve Cohen of Tennessee; Representative Vern Buchanan of Florida; Representatives Mike Hall and Tim Griffin of Arkansas; Representative Greg Harper of Mississippi; and Representative Blaine Luetkemeyer of Missouri.
CaribbeanPressRelease
Territorial Elections now in Process --- Election Watch 2012.
Electors on French St. Martin are currently casting their ballots at the various polling stations throughout the French side of the island. Early predictions show that there will be a higher voter's turn this year.
However, voters are getting tired of waiting since the procedure at several of the polling stations are moving extremely slow. Critics say that the slowness at the polling stations is due to the fact that the Presidents of the polling stations are new and this is the first time they are participating in an election.
A territorial councilor at one of the bureaus said that the Collectivity chose the first 13 elected officials to be the presidents of the bureaus while the other councilors are substitute. "You will find Daniel Gibbs and Marthe Ogoundele Tessi both persons who are contesting the elections on separate lists are presiding at different bureaus.
The incumbent President Frantz Gumbs was seen manning bureau number one while senator Louis Constant Fleming was the Collectivité securing his voters as they enter. Some voters in French Quarter were overheard saying they are ready to quit the lines. There were long lines at bureaus 12 and 13 in French Quarter while Friars Bay and Nina Duverly School also had very long lines there too.
If the procedure continues to be slow it is likely that many people might not get the opportunity to cast their ballots and it will take much longer to get the results.
At noon today, there were 3256 votes already casts.
Toussaint Louverture Airport Still Under Construction
Rehabilitation work continues at the Toussaint Louverture International Airport. If an initial starting room was made available to passengers, most of the work is still yet to be done. We still need at least a month to put the airport in step with international standards, promised the construction firm Panexus.
The employees are in the oven and the mill. Each, in his case, focuses on his task. No time for jokes. Everything happens almost indoors now. Much of the Toussaint Louverture International Airport is under construction. The work will not be completed before the end of March.
Contrary to what was promised by those of the construction firm Panexus, passengers still have to wait. However, they can always console themselves with the first arrival hall, quite comfortable, which allows us to predict how the airport will be when completed.
"We're almost done with the ground floor, the finish area. We met with unexpected [matters] that gave us a hard time. But I think by next week, the bulk of the building work will be completed to advance to the finals on the floor that will be housed, among other things, the immigration hall," said Lesly Oriol, manager of the construction firm Panexus, speaking with Le Nouvelliste.
"There are many things we encountered on the ground that it did not expect. It took that time to take time for another study and whether we should keep ... ," Oriol said.
When asked when will there be an airport totally completed, Lesly Oriol said that in ten or fifteen days, the large structures will be completed, but "as in all airports I visited, we never complete the work. Even when the firm has completed its work and handed the key to the authorities, it will always continue to develop the airport, again and again. And besides, every five years, you're supposed to redesign the interior, subject to give it another look," suggested Lesly Oriol.
It's true, he acknowledged, that work should take between late February and March, but, he said, on the ground reality is quite different.
Haitian-Americans Concerned about Political Instability in Haiti
Like Haitians in Haiti, compatriots in the diaspora are also awaiting a durable solution to the crisis that gnaws Haitian policy and society. Situations in the Haitian media are relayed, discussed in the salons, streets and in public places in the U.S. where there are compatriots.
The political situation in Haiti is increasingly a concern for Haitians living in the United States. Many of these compatriots, interviewed by Le Nouvelliste on the current situation, believe that political instability is the main obstacle to development. This situation, according to most of them, blocks the entry of new investors and prevents businesses on site to work under normal conditions. They believe that the Haitian authorities must find real political stability, which will put the first black republic in the world on the track for development.
Asked by the newspaper, Fénold Lamy, a fellow who has lived 20 years in the United States, said that the continuing problems which the country faces delay its march towards progress.
"These changes of governments and prime ministers in recent years, with many events, especially the violence and insecurity rampant enough to discourage investors, which should contribute to the development of Haiti," said Fénold, who wants Haitian authorities to come together to move the country forward.
For his part, Jean-Pierre, a resident of Long Island (New York), believes that the repeated crises between the executive and legislative powers undermine the proper functioning of the institutions and the democratic process.
"As a Haitian citizen, I believe that the institutional paralysis caused by tensions between the government, Parliament and President of the Republic - causing this political stalemate - did not reflect the commitments that they have taken the benefit of the Haitian population. The behavior of these authorities are not likely to create the conditions necessary for economic recovery and consolidation of democracy in Haiti," said Jean-Pierre, looking sad.
To believe Jonathan Phillipe, another fellow who closely follows the news in Haiti, our country has missed its economic development during the past two decades due to political instability and lack of vision of its leaders. He further adds that is not in the division and exclusion we arrive in the country out of this abyss, but in unity among Haitians.
Finally, Josianne Jean-Louis (resident in Manhattan), a Haitian with a passion for his country , states that the number of political parties in Haiti is too high. She claims that this creates enormous difficulties and hinders the proper functioning of the institutions of the country while deploring the lack of a development program for society, corruption and diversion of public funds.
So she encourages the Haitian authorities to firmly build consensus beyond party differences, to make decisions that will strengthen the country's institutions, political stability and economic development for the welfare of the Haitian people.
$9 million euros for agriculture
The Caribbean Agriculture Research and Development Institute (Cardi) has agreed with the Caricom Secretariat and the Inter-American Institute for Agriculture to equitably manage the Intra-ACP project of $9 million euros for agricultural development in the region. This will be done over a four-year period, commencing in 2012.
At an annual planning meeting at the Hyatt Regency Hotel, Port-of-Spain, on March 5, Dr Arlington Chesney, Cardi’s executive director, highlighted the need to ensure that the work of Cardi supported the programmes and activities of member countries. Cardi’s work programmes are executed through donor funds. Major donors include the Common Fund for Commodities, the European Union, the Inter-American Institute for Co-operation on Agriculture, the Technical Center for Agricultural and Rural Co-operation, the Caricom Australia Fund, Caricom Japan, the Food and Agriculture Organisation of the United Nations and the World Bank.
Arlington explained that his institute must adhere to stringent international standards for financial management in order to qualify for donor funding. Priority projects identified for 2012 include small ruminants, roots and tubers, hot peppers, protected agriculture, climate change and agriculture, and control of invasive species, mainly the red palm mite and black sigatoka.
Thirty-four staffers of Cardi from countries across the region, namely Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Jamaica, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines and T&T were in attendance. The meeting followed a five-day Scientific Writing Workshop, which was attended by 40 participants.
The scientists, drawn from Cardi, UWI and UTT, were skilfully guided in the art of writing for scientific peers and policy decision makers by Professor Anthony Youdeowi of Nigeria.
Lagarde says China must reform economy and yuan
International Monetary Fund (IMF) head Christine Lagarde has said that China must stop its economy being too dependent on exports and investment.
She also said the yuan could become a global reserve currency if China implemented market-oriented changes.
Ms Lagarde is on a visit to China and India that began over the weekend.
Speaking to politicians and business leaders in Beijing she said there were signs the global economy was stabilising.
Yuan changes
Ms Lagarde stressed that at the highest levels, China leadership appears to be willing to make the changes needed to ensure that the world's second-largest economy remains a main driver of global growth.
However, she said that as well as financial reforms, authorities needed to boost household incomes and make sure that the benefits of growth were reaching more people.
She backed, in principle, China's hope of turning into its currency, the renminbi, into a global reserve currency.
However, she said that would only happen if certain conditions were met.
"What is needed is a roadmap with a stronger and more flexible exchange rate, more effective liquidity and monetary management, with higher quality supervision and regulation, with a more well-developed financial market, with flexible deposit and lending rates, and finally with the opening up of the capital account," Ms Lagarde said.
"If all that happens, there is no reason why the renminbi will not reach the status of a reserve currency occupying a position on par with China's economic status."
The IMF and others have said in the past that China keeps its currency undervalued, giving its exporters an unfair advantage.
Positive outlook
As part of her short visit, Ms Lagarde met Vice Premier Li Keqiang - who is expected to become the China's premier when Wen Jiabao steps down in a leadership change - Vice Premier Wang Qishan and Zhou Xiaochuan, governor of the central bank.
She said the world economy has "stepped back from the brink, and we have cause to be more optimistic".
Last week, the IMF approved a 28bn euro ($36.8bn; £23.2bn) loan for Greece as part of second bailout by the European Union. Ms Lagarde said the US economy was also showing signs of recovery.
"We have made important steps forward," said Ms Lagarde.
However, she added a word of caution.
"The global economy may be on the path to recovery, but with not a great deal of room for manoeuvre, and certainly no room for policy mistakes."
BBC
Brazil to charge Chevron executives over fresh oil leak
Brazilian prosecutors say they will bring criminal charges against 17 executives from the US oil company Chevron and drilling contractor Transocean after a new leak of crude.
The executives have been barred from leaving the country until the investigation concludes.
Chevron halted production in Brazil after the new oil leak was found on the seabed off Brazil earlier this week.
The seepage is near a well where there was a major oil spill last November.
A Chevron spokeswoman said the company had no comment on the latest legal moves because it had not been notified of the decision.
The oil company is already facing a multi-billion-dollar lawsuit over November's spill.
Federal prosecutors' spokesman Marcelo del Negri told AP news agency that prosecutors would file charges including "environmental crimes" in a federal court next week.
The nationalities of the executives are reported to be five from the US, five Brazilians, three Australians, two French nationals, a Canadian and a Briton.
Chevron confirmed on Thursday that there was a "small new oil seepage" and that it was working to collect the crude.
In November up to 3,000 barrels of oil spilled from the well in the Frade field, which is around 370km (240 miles) off Rio de Janeiro.
Brazil's oil regulator, ANP, said the new leak appeared to be coming from cracks in the ocean floor close to the well, rather than from the well itself.
The Frade field is the largest foreign-run oil field in Brazil, producing about 60,000 barrels of crude oil a day.
China home prices continue to slide for fifth month
Property prices in most Chinese cities have fallen for a fifth consecutive month, underpinning government success in curbing speculation in the market.
In February, new home prices in 45 out of 70 cities fell compared to the previous month, the National Bureau of Statistics (NBS) said on Sunday.
In January, 48 cities saw prices fall compared to the previous month.
Chinese leaders have said prices remain too high and that property controls will remain in place.
"Home prices are still far above a reasonable level," said Chinese Premier Wen Jiabao last week.
"Therefore, we must not relax tightening."
Cool down
Property prices in China rose because of a stimulus package in 2008, after the global economic crisis.
Last year, the government introduced moves to prevent asset bubbles from forming - including limits on the number of houses people can own, higher deposits and property taxes in select cities.
Analysts said these firm policies would lead to a further decline in property prices this year.
"China's property prices will likely continue their downward trend, likely going into the second half of 2012 and until policies are altered," said Mark Budden from EC Harris, an asset consultancy.
In year-on-year terms home prices declines were seen in 27 cities in February compared to 14 cities in January, the NBS said.
The ministry stopped publishing its nation-wide home price index last year. It now only provides data on specific cities.
Greece's Pasok party elects Evangelos Venizelos leader
Greece's Finance Minister Evangelos Venizelos has claimed victory in the Pasok party's leadership election.
The 55-year-old ran unopposed in the contest to take over the centre-left party from George Papandreou, who resigned as prime minister in November.
Mr Venizelos is expected to stand down from government to prepare for a general election due by early May.
Analysts say voters are likely to punish Pasok for its role in passing tough austerity measures.
Pasok supported massive budget cuts that were demanded by the EU and IMF in return for a 130bn euro bailout package.
The BBC's Mark Lowen in Athens says Mr Venizelos inherits a divided and exhausted party facing historic lows in polls.
Mr Venizelos said Pasok members must now move forward together.
"The people sent a strong message that Pasok is here, that Pasok hasn't lost its soul, that our target to win the [general] election is feasible," Venizelos told party members after the vote.
Pasok members and supporters were urged to cast their vote in Sunday's nationwide ballot, even though the result was not in doubt.
After the election, the party is likely to be forced into coalition with the country's other main party, the conservative New Democracy, although leftist parties opposing the bailout measures are gaining popularity fast, our correspondent says.
French-educated and a gifted orator, Mr Venizelos challenged Mr Papandreou, son of Pasok founder Andreas Papandreou, for the leadership in 2007.
As the new Pasok leader, he has vowed to stick to the measures set out in the austerity programme and support structural reforms to slim down Greece's bloated public sector.
Red Bull creator and Thai tycoon Chaleo Yoovidhya dead
The creator of the energy drink Red Bull, Chaleo Yoovidhya, has died.
Mr Chaleo rose from humble origins to become one of Thailand's richest men, with a wealth estimated at $5bn (£3.2bn) last year.
His pharmaceutical company produced a tonic drink in the 1970s, but it became popular worldwide in the next decade when he went into partnership with an Austrian entrepreneur.
Red Bull also owns two football clubs and a Formula 1 team.
Mr Chaleo was born of poor Chinese immigrant parents in the northern province of Phichit, reportedly in 1932, local media say.
He worked as a salesman before setting up TC Pharmaceuticals in 1962.
It introduced the drink Krating Daeng, which became popular with shift workers and lorry drivers.
In 1984 he launched it as Red Bull with the Austrian marketing expert Dietrich Mateschitz, and three years later began selling it in Austria.
Red Bull is now sold in 70 countries throughout the world.
Forbes Magazine put him equal 205th in its March 2012 world billionaire list.