Thursday, February 12, 2009

Allen Stanford Facing Accusation of Fraud

Antigua-based billionaire Allen Stanford has appeared as a savior of cricket in West Indies. He is even believed to have a deal worth $100m (£70m) with England and Wales Cricket Board (ECB) and under the deal an annual $20m Twenty20 tournament is expected to take place in Antigua involving four teams including England and West Indies. However, amid the global economic crisis, he has already indicated that he might come out of the proposed deal with ECB.

Now, reports out in the media suggest that Allen Stanford’s Stanford Group banking business has been accused of fraud and investigations are going on. Though he denied any kind fraud and dismissed the accusation, it seems to be an added headache not only for the billionaire but also for the West Indies cricket board and ECB.

Related article:

The Independent

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