IRS Slams Antigua Takeover Of Stanford Bank

CaribWorldNews, DALLAS, Texas, Weds. May 13, 2009: The Internal Revenue Service says Antigua and Barbuda`s takeover of the Allen Stanford bank may prevent them from collecting millions owed in back taxes by the Texas-born financier.

The IRS claims Stanford owes $227 million in back taxes and they want that money back. But the IRS is arguing that Antiguan liquidators have already spoiled computer records from the bank’s Canadian office.

In a court filing in Dallas this week, the agency also insisted that Antigua`s reputation as a tax haven country that promotes financial secrecy, may also prevent them from getting their hands on the financial records of the Stanford International Bank.

Nigel Hamilton-Smith and Peter Wastell, the appointed liquidators appointed by an Antiguan court, have yet to comment on the claim.