( L - R ) WICB president Dr Julian Hunte, Allen Stanford - File

ST JOHN'S, Antigua (CMC)

West Indies cricket boss Julian Hunte has remained adamant the regional game was not dependent on Sir Allen Stanford's cash, as fallout continued over the Texan billionaire's incrimination in an alleged billion-dollar investment fraud scheme.

"I want to make it clear that the financial viability of West Indies cricket has never depended on Stanford's largesse, and thank God for that because we are now able to proceed," Hunte said hours after United States financial regulators brought up Stanford on charges concerning an US$8 billion fraud scheme involving three of his companies.

Financially dependent

"When Stanford indicated a few months ago that he was no longer interested in West Indies cricket, it was suggested that we were financially dependent on his money."

"I had to point out that before Stanford's domestic tournament we issued him a licence which brought us $1 million a year for five years. He didn't pay the first year and when we got a tripartite agreement between the ECB (England and Wales Cricket Board), the WICB and him, we insisted that he pay and we got $2 million."

"Apart from that, Stanford dealt with the local territorial boards and gave them money but it ended up with him suspending payments to them and I assume those payments will now stop."

Alleged fraud

The Securities and Exchange Commission named the 58-year old and his Antigua-based Stanford International Bank, Houston-based broker-dealer and investment adviser Stanford Group Company and investment adviser Stanford Capital Management as players in the alleged fraud.

It said they had misrepresented the safety and liquidity of the uninsured certificates of deposits (CDs).

A US judge has also issued a temporary restraining order, freezing the assets, and appointed a receiver to marshal those assets.

Hunte said the WICB had been shocked to hear of the developments.

"I don't think there was any way in which we, in this part of the world, and the West Indies Cricket Board in particular, would have known there was anything wrong," he explained.

"In any event, he has been accused so we have to wait and see what is happening from here on in and not necessarily rush to judgement at this point in time. I think the ECB and ourselves have taken what I consider the appropriate action and we wait to see how this unfolds."

Sir Allen had formed partnerships with the West Indies Cricket Board in order to launch his cash-rich Stanford Twenty20 tournament which was staged in 2006 and 2008.

Future involvement

In addition, last year, he launched a multimillion dollar imitative with the WICB and the ECB, which saw the advent of the Stanford Twenty20 Challenge, including the winners-take-all Twenty20 for 20 match in November.

His future involvement in Caribbean cricket was also thrown into doubt recently when he closed his Twenty20 office in Antigua, abandoned his team of legends and announced a review of his cricket operations.