THE JAMAICAN community in Antigua is not expected to be adversely affected by the clipping of the financial wings of Sir Allen Stanford, the Texan billionaire who has significant investment in the Eastern Caribbean country.

Septimus Rhudd, Jamaica's Consulate in Antigua and Barbuda, said that the majority of the 10,000 Jamaican nationals in Antigua should be spared the effects of the United States' (US) justice tentacles that have been lodged into Stanford's operations.

"I don't think it impacts on Jamaicans here significantly," Rhudd told The Sunday Gleaner on Friday.

Stanford was served with civil documents on Thursday by US Federal Bureau of Investigation (FBI) agents, acting on the request of the US Securities and Exchange Commission (SEC), which alleged that Stanford International Bank in Antigua, acting through Houston-based investment advisers Stanford Group Co, and Stanford Capital Management sold $8 billion in certificates of deposit by promising higher returns than on typical bank CDs.

Stanford, who bankrolled the regional Twenty20 cricket tournament which took his name, has a significant portion of investment in Antigua.

largest private employer

The billionaire is said to be the largest private employer, second only to the government, in the country. He owns, among other things, an aviation company, a publishing company, an international bank, an athletics club and a world-class cricket field. He is also a major shareholder in the Bank of Antigua.

The Eastern Caribbean Central Bank on Thursday took control of the Bank of Antigua, to prevent a run on the institution, after the SEC actions led to widescale panic resulting in depositors enduring long hours in lines to withdraw their savings.

Delroy Turner, a Jamaican living in Antigua, said that people were worried about the developments, which he said could have grave implications for many residents.

"It is not a nice feeling, although the bank has assured us that there is nothing wrong with the bank itself," Turner told The Sunday Gleaner.

Antigua Prime Minister Baldwin Spencer called on the nation to remain strong during the turbulent Stanford storm that has hit the country.

time for solidarity

"If there was ever a reason for the Antiguan and Barbudan people to pull together in solidarity, that time is now," the prime minister said.

Turner, who works in the construction industry, said that it has been an open secret that many of Stanford's employees were facing the cut, even before the US authorised collared him.

According to Turner, a lot of Jamaicans are included in the estimated 400 employees in the central village surrounding the Stanford Cricket Ground.

"A lot of them were slated to be laid off, which could affect a lot of Jamaicans. A lot of them have house and car loans," Turner said.

But the Jamaican consulate believes that although the Jamaican community may suffer some fallout, the impact may not be that significant.

"It is not that significant. He is a significant employer but I do not expect that would send that kind of shock wave through the Jamaican community," Rhudd said.

The Jamaican consulate said that if Stanford were currently involved in the numerous construction projects that he undertook in the recent past, several more Jamaicans could have been under the knife.

"What has happened in the last 18 months is that his construction activities have been reduced significantly. There was a point in time when he was involved in a lot of construction projects, but that has been reduced over the last 18 to 24 months," Rhudd said.

Jamaicans in Antigua work in all sectors of the society, with a significant portion believed to be employed in the construction industry.

daraine.luton@gleanerjm.com