By Belize Live News Staff: The Feinstein Group has expressed deep disappointment and concern over the Government of Belize’s recent decision to compulsory acquire 23.4 acres of Stake Bank Island, owned by the Group’s Chairman, Mr. Michael Feinstein. In a strongly worded press release dated August 28, 2024, the Group criticized the government’s actions as “unfair and improper,” accusing it of unwarranted interference in a private sector dispute that is still before the High Court.
The Group laid out several reasons for their opposition to the compulsory acquisition, emphasizing the government’s alleged alignment with Honduran businessmen who have a history of questionable business practices. The press release highlighted that Atlantic International Bank Ltd, linked to these businessmen, was forced to pay US $23 million in 2019 to settle charges related to the Sanctuary Bay land fraud. Furthermore, it pointed out that this bank was allowed to enter receivership without satisfying its outstanding creditors.
Earlier this year, the domestic Atlantic Bank Ltd, also associated with these Honduran businessmen, faced a significant fine from the Central Bank of Belize for improper banking practices. The Feinstein Group questioned the credentials and experience of these businessmen in developing cruise ship port facilities, contrasting it with Mr. Feinstein’s proven track record, notably his success with the Fort Street Tourism Village (FSTV), which was later acquired by Royal Caribbean Cruise Lines.
The Group also accused the government of undermining the public interest by supporting a competing port project at Port of Magical Belize, which turned out to be a costly failure. They further argued that the government’s claim that the acquisition is in the public interest is baseless, pointing to the recent approval by the government of a development plan for a cruise ship docking facility in Port of Belize, which offers alternative options for such projects.
Additionally, the Feinstein Group alleged that the government’s move to legitimize the Honduran businessmen’s actions—including delaying projects and overruns to wrest control of Stake Bank—was politically motivated and part of a broader agenda against a prominent Belizean entrepreneur. The release suggested that the decision to acquire the Stake Bank land is rooted in recent disputes between the Group and Prime Minister John Briceño, influenced by the Honduran businessmen.
Legal advisors for the Feinstein Group, Marine Parade Chambers LLP, have reportedly advised that the acquisition lacks legitimacy and appears to serve the interests of the foreign businessmen rather than the Belizean public. The Group has vowed to challenge the acquisition in court, asserting that its primary intent is to safeguard the immediate interests of the Honduran businessmen rather than those of Belize.
The Feinstein Group also warned all lending institutions and equity investors involved in funding related to the acquisition that they will vigorously defend their interests and take all necessary legal actions to protect their rights.
For ongoing updates, Belize Live News will continue to provide in-depth coverage of this developing story.
