Liat distances itself from Stanford

Washington DC
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Caribbean regional Liat has its reaffirmed ownership after reports emerged that the former owner of Caribbean Star Airlines and Caribbean Sun--once potential merger partners for Liat--Sir Allen Stanford had a stake in the carrier.

Governments of Antigua and Barbuda, Barbados and St. Vincent and the Grenadines have a combined 90% stake in Liat. Other regional governments and minority shareholders split the remaining 10%.

"The Stanford Financial Group has no stake or interest in LIAT and has never had a stake or interest in the company," Liat CEO Mark Darby says in a statement.

Liat did have high-level merger and shareholding talks with Stanford Financial Group in 2006 and 2007.

While Liat inked a merger agreement with Caribbean Sun in 2007, the deal did not transpire. Instead Liat acquired some assets from both defunct carriers, including some leased Caribbean Star Bombardier Dash 8 turboprops.