Posted on: January 4th, 2012 Antigua Looks to Buy Back Airport Land

Antigua Looks to Buy Back Airport Land

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.

Courtesy of Caribjournal.com