Antigua plans to seize tens of millions of dollars of land and property belonging to Sir Allen Stanford in a move that threatens to confuse efforts to investigate the tycoon’s empire and recover investors’ money.

The Antiguan government said yesterday it wanted to expropriate more than 250 acres of land and buildings, including a private island, a cricket ground and the palatial Stanford International Bank headquarters, to help stabilise an island thrown into turmoil by the $8bn fraud allegations against Sir Allen.

The action adds to tensions stemming from the lack of a formal agreement between the Antiguan regulators and their US counterparts, which is complicating efforts by receivers in both countries to unravel the web of Stanford businesses.

Financial Times