Antigua Looks to Buy Back Airport Land

By: Caribbean Journal Staff - January 3, 2012

By the Caribbean Journal staff

The government of Antigua will look to repurchase two parcels of land around the country’s airport compound from a company owned by jailed Texas financier R Allen Stanford, according to Prime Minister Dr Baldwin Spencer.

Spencer said he had instructed the Antiguan Airport Authority to hold talks with company officials towards negotiating a reasonable sales price for the two parcels of land.

Stanford purchased 25.59 acres of government land around the airport compound in 2003 at a concessionary price of around $0.40 per square foot.

“Given the national interest at stake and the imminent commencement of construction works, I expect that the necessary cooperation and good faith on both sides will allow a settlement of this matter in the shortest possible time,” the Prime Minister said.

The country recently broke ground on a new terminal at VC Bird International Airport, a joint project with the Chinese government. It is slated for completion in 2013.

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