Sir Allen Stanford’s knighthood revoked

Well, it was about time. Given the magnitude of his trespasses, it may come as no surprise to hear that Allen Stanford’s knighthood has been reversed by the Antiguan authorities. On April 1, the imprisoned financier’s knighthood was rescinded, after Governor General Dame Louise Lake-Tack signed the order revoking his knighthood. Stanford has not received official word of this revocation, but is expected to be informed within the coming week. This was confirmed by Attorney General Justin Simon. Stanford, who was a leading benefactor, promoter, employer in Antigua and Barbuda, was knighted by the country in 2006 in a ceremony in which Antiguan writer Jamaica Kincaid famously told him that “Your honour demeans my own”  (see our post on Jamaica Kincaid on Sir Allen Stanford). Stanford was knighted on the recommendation of members of the main opposition Antigua Labour Party. In early February 2009, reports surfaced that the Stanford’s company, Stanford Financial Group, was being investigated because the Stanford International Bank had managed consistently to make higher-than-market returns to its depositors.

The United States Securities and Exchange Commission charged Stanford with “massive ongoing fraud” centered on an US$8 billion investment scheme. Due to this allege Ponzi scheme, the Government of Antigua & Barbuda, began to experience backlashes, because Allen Stanford had invested heavily in that country. In Antigua and Bermuda in October 2009, the National Honours Committee of Antigua and Barbuda voted unanimously to strip Stanford of his knighthood, and informed the prime minister of this decision on October 26. On November 2, 2009, the recommendation was forwarded to the Governor General, who then ratified it. This might be in an effort by the Antigua and Bermuda government to distance itself from Stanford, as frustrated Stanford investors are attempting to blacklist Antigua & Barbuda, with a guilt-by-association charge.

For the original report go to http://guardian.co.tt/business/business/2010/04/07/sir-allen-stanford-s-knighthood-revoked

One thought on “Sir Allen Stanford’s knighthood revoked

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s