LONDON, March 13, 2009 (AFP) – The England and Wales Cricket Board are to review the manner in which they assess potential investors following the collapse of their deal with controversial financier Allen Stanford. The ECB came in for heavy criticism after Stanford was implicated by the US Securities and Exchange Commission in a multi-billion dollar fraud last month.
The Securities and Exchange Commission (SEC) filed a complaint in a Dallas Court against Texan businessman Stanford and three of his companies for “orchestrating a fraudulent, multi-billion dollar investment scheme”.
The English game’s governing body subsequently terminated all contracts with the Stanford Group, which included a deal to play five one-off Twenty20 matches each November, with an overall prize fund of 20 million dollars per encounter.
That deal has now been ended, while the ECB also announced the demise of the Stanford-sponsored international Quadrangular Twenty20 events in England.
But their due diligence process was called into question and ECB chairman Giles Clarke announced on Wednesday he would be engaging in talks with the British Government aimed at tightening the process of “examining whether people and in