Feinstein Group Lawyers Up Against GoB

The Government of Belize might be facing yet another lawsuit after it decided to compulsorily acquire a portion of Stake Bank land. The twenty-three point four acres of land is owned by the Feinstein Group’s Chairman, Michael Feinstein. A press release from the Feinstein Group, refers to government’s decision as high-handed interference in a private sector dispute. It continues by sharing its view that the matter that is before the High Court is unfair and improper for several reasons and it goes on to list several, a port of which we “first, government is siding with Honduran businessmen of questionable business practices. Atlantic International Bank Limited was, in 2019, forced to pay twenty-three million dollars to settle Federal Trade Commission charges for its involvement in the massive Sanctuary Bay land fraud. That bank collapsed and the Hondurans allowed Atlantic Bank International to go into receivership rather than satisfy all its outstanding creditors. Second, earlier this year the domestic Atlantic Bank Limited was slapped with a substantial fine by the Central Bank of Belize for irregular banking practices. Third, these Honduran businessmen have no experience in developing cruise ship port facilities”. On Tuesday, Commissioner of Lands Talbert Brackett informed Feinstein via letter of the government’s plan to acquire the land and stated that the acquisition was for a public purpose. The letter also informed Feinstein that he can present proposals for the government to voluntarily purchase the land, but that if he doesn’t, the government can acquire the land. The acquisition would be within six weeks of the second declaration being published in the Gazette. The land is the subject of a High Court civil matter to determine ownership between Atlantic Bank and Feinstein. Development at the cruise facility stopped in March. News Five attempted to get a comment from the Feinstein Group but our efforts were futile.