LIAT Insists Stanford Has No Stake in the Airline

LIAT on Friday responded to concerns raised about its ownership, making it clear that Texas financier Allen Stanford has no stake in the Caribbean airline.

“The Stanford Financial Group has no stake or interest in LIAT and has never had a stake or interest in the company,” said LIAT’s CEO Mark Darby. “Talks were held with the Stanford Financial Group in 2006 and 2007 about possible mergers or shareholdings in the company, but no transaction was ever concluded. LIAT is not in receipt of any loan from Stanford or the Stanford Financial Group.

“LIAT did not take over or acquire Caribbean Star or Caribbean Sun, two former airlines owned by Stanford. LIAT merely acquired some of the assets of these former airlines, including Caribbean Star aircraft leases, which were transferred to LIAT,” Darby said.

LIAT is majority-owned by the governments of Antigua and Barbuda, Barbados and St. Vincent and the Grenadines. Combined, the three countries have a 90 percent stake in LIAT.