Venezuela government seizes Stanford Bank

The government of Venezuela has announced plans to take control of the Stanford Bank in the country and sell it.



It said action would be taken against all other companies belonging to the Texan billionaire, Allen Stanford, who is accused of fraud worth an estimated eight billion dollars.



The banking regulator Edgar Hernandez had earlier assured depositors that the bank was fine, after customers formed long lines to withdraw money.



Mr Stanford\'s assets have been frozen over the alleged fraud.

Investigators are still trying to find him.