The Antigua Labour Party (ALP) has learned that Minister of National Security Dr. Errol Cort has been sued by a group of Allen Stanford investors for more than US$1 million. The lawsuit claims restitution of a monthly retainer of approximately US$30,000, reportedly paid to his law firm Cort & Cort between 2006 and 2009 while he was finance minister.
In a press statement, the ALP said that Prime Minister Baldwin Spencer is duty-bound to issue a statement on the matter: “The people of Antigua and Barbuda deserve to know just where Mr. Spencer stands on this significant development that rubs dirt in the face of our island-country.” The statement added that Cort needs to explain his relationship with Allen Stanford to the people of Antigua and Barbuda and to provide justification for the EC$80,000 monthly retainer to his law firm.
Antigua Free Press quotes, “Minister Errol Cort, declared not to be in private practice yet, his law firm was conflictingly paid a retainer while he was serving as Minister of Finance with Ministerial oversight for the offshore financial services sector. His stated distance from his law firm was imaginary since he remained firmly in control of the firm and utilised his ministerial influence and authority to direct business to the firm. It is an undisputed fact, that as the senior partner and beneficial owner of Cort & Cort, Minister Cort would have benefitted immensely from the EC$80,000 monthly paid by Allen Stanford to his law firm. This is, eight times the amount of the minister’s salary and clearly would have compromised his ability as Minister of Finance to effectively regulate the offshore financial services sector including, the effective regulation of Stanford International Bank.”
For full article, see http://antiguafreepress.com/?p=582
Photo of Stanford, Cort, and PM Spencer from http://www.antigua-barbuda.com/news_archive/newsletter92.asp