The Stanford Group of Companies owes the Trinidad and Tobago Cricket Board (TTCB) TT$1.2 million (US$195,000), local official Forbes Persaud has announced.

After news broke on Tuesday that Sir Allen Stanford was charged by United States regulators over an alleged multi-billion dollar investment fraud scheme, the TTCB's CEO Persaud said there were outstanding payments from Stanford due to the board.

"The Stanford Group owes the TTCB US$195,000," Persaud said. "This was for development programmes for the period 2007 to 2008. In the meantime, we have used our prize money from winning the Stanford Twenty20 series to take care of our development programmes with the hope of recovering the money later on. I guess with Stanford's assets now frozen, that money will not come our way again."

Persaud reassured local cricketers that development programmes would continue and that the TTCB was still in a good financial standing.