IRS faces problems collecting from Stanford
Published:Wednesday | May 13, 2009 | 5:58 PM
The United States’ Internal Revenue Service (IRS) said liquidators at the Antigua-Based Stanford International Bank may prevent it from collecting back taxes owed by Texas-born financier Sir Allen Stanford.
Sir Allen was recently charged in an alleged US$8 billion investment fraud.
The IRS said Sir Allen owes the agency $227 million in taxes.
It said it has received documentation stating that a tribunal in Antigua, would not divulge the financial records of the Stanford International Bank based on secrecy.
United Kingdom liquidators, Nigel Hamilton-Smith and Peter Wastell and US receiver Ralph Janvey, are reportedly squabbling over control of the investor’s assets.
A US federal district court in Texas has refused to release funds from Sir Allen’s assets to pay for his legal defence.
The court said Sir Allen has not been cooperating with the US receiver and has also failed to provide proper accounting of investor funds.