Two Caribbean newspapers owned by Allen Stanford, the jailed Texas financier, were ordered to be closed down mainly because of financial restraints. While one of the newspapers, the Antigua Sun, has been operational for 13 long years, the other one, the Sun St. Kitts and Nevis had been around for about 6 years. On Friday, some 50 employees of both the newspapers received official letters which stated that the Stanford-owned Sun Printing & Publishing “will be unable to sustain operations in the immediate future”. Signed by the General Manager Patrick Henry, the letter said that the firm’s directors are currently busy working with lawyers to try and explore all the possible financing options.
As the newspaper struggled to pay its bills, last month, the Antigua Sun had stopped publishing for several days on end. The publishing firm is just one of the several companies owned by Stanford, who in February of 2009 was slapped with charges of operating a major $7 Billion Ponzi scheme. He has pleaded not guilty.