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Jan 8, 2016

Stake Bank is On Indefinite Hold

Developer Michael Feinstein, the man behind the mega-million dollar Stake Bank Tourism Project, today told News Five that as far as he is concerned the project is on indefinite hold. Feinstein told us that unless he has the assurance that G.O.B. will give exclusive support to the venture which represents an investment of hundreds of millions of dollars, he will not proceed. The developer’s position is unexpected, since G.O.B. had allegedly given the proposal for Belize’s first cruise port an exuberant green light. Feinstein confirmed that he had met with Prime Minister Dean Barrow this morning. He told us that the Prime Minister was very clear that he was meeting with two other parties interested in investing at a cruise port on the grounds of the Port of Belize property. And that, says Feinstein, is where he draws the line since he cannot go full-bore into the Stake Bank Project without exclusivity, and it is clear that he does not have that. News Five understands that the parties interested in a new cruise port are Chukka Tours and the Ashcroft Group of Companies, but we were unable to officially verify that report. As to the millions which Feinstein has already invested in the project to get to this point…he told us that at this point he is exploring his options.

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2 Responses for “Stake Bank is On Indefinite Hold”

  1. Ricky Malthus says:

    I support the Belizean investment in stake Bank by our home grown, roots Belizean Michael Feinstein but he must understand that all ” exclusive ” projects initially seems profitable but start losing money after a while because of lack of dynamism in ideas, labor, management competency, failure to maintain technological advances, and failure to see the forest because of the trees. So Michael sally forth and triple your fortune and don’t heed what other investors will do because they will have problems too. Besides if State Bank Project is unassailable, no one can touch you , Michael. Go for it . !!!!!!!!!!!!!!!

  2. CEO says:

    Investors in Belize need to get away from this idea of granting them exclusive rights for what ever the heck they proposing. Assist with some tax breaks maybe but they should never be given exclusive rights to anything.

    It is an investment and some investments fail especially when poorly planned.

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