Feinstein’s Attorney Writes Central Bank Regarding ABL

Earlier today, the attorney for Michael Feinstein wrote to the Governor of the Central Bank of Belize requesting an investigation of Atlantic Bank Limited for, “serial breaches of the Domestic Banks and Financial Institutions Act”.  The letter states that ABL approved and disbursed over sixty million dollars in loan funds to Stake Bank Enterprise Limited using monies belonging to depositors, as well as the pension funds of employees working at Atlantic Bank Limited. According to Stake Bank Enterprise, this was done without ensuring that adequate security was put in place at the onset.  It further states that a mortgage debenture was not executed until January eighteenth, 2022, only after Central Bank had approved the sixty-million-dollar loan facility for the Stake Bank project.  Aside from the loan amount, Atlantic Bank purportedly created subsidiary credit facilities in the form of construction credit loans that totaled approximately twenty-one million dollars to continue financing the Stake Bank project out of the watchful eye of the Central Bank.  The letter also points to, among several other observations, a considerable devaluation of the security held by Atlantic Bank which puts depositors and employee pension funds at risk, since the loans were not properly collateralized.