PM Not Surprised by Feinstein Group’s Reaction over Stake Bank Issue  

The National Trade Union Congress of Belize (N.T.U.C.B.) has voiced strong opposition to the government’s compulsory acquisition of a twenty-three-acre extension of Stake Bank Island. In a letter to Prime Minister John Briceño, the N.T.U.C.B. questioned whether the acquisition truly serves a public purpose, suggesting instead that it might be aimed at protecting international investors from financial loss rather than benefiting Belizeans. Prime Minister Briceño responded by referencing legislation from the previous administration concerning projects of national importance that have stalled and cannot be resolved independently. He noted that declining cruise tourism numbers were tied to the cruise port project, implying that the acquisition was necessary to revive this sector. Late last week, the Feinstein Group, the original owners of the island, announced plans to challenge the government’s acquisition on multiple grounds. They accused the government of favoring Honduran businessmen with dubious business practices, pointing to a sixty-two-million-dollar loan tied to the Stake Bank project that went into receivership back in May. The Feinstein Group also criticized the Prime Minister’s response to the N.T.U.C.B., calling it inaccurate and misleading. When approached for further comment on Saturday, Prime Minister Briceño expressed no surprise at the Feinstein Group’s stance and indicated that he had no interest in engaging in a back-and-forth on the issue.

 

Prime Minister John Briceño

“I’m not surprised by the response of the Feinstein Group, but I’m not going to go back and forth to them. We have responded to, to the NTUCB. We firmly believe that we’re doing is in the best interest of this country and once you know that’s what you’re doing, you continue doing as best as you can.”

 

Reporter

“Do you look at the merits though, especially as the former Minister of Natural Resources, of that other piece of legislation, particularly as the NTUCB is saying we could avoid litigation using that legislation, the promoters one.”

 

Prime Minister John Briceño

“You see, but the Promoters Act, what they do not understand is that the Promoters Act, the two parties have to agree and right now, there’s no agreement. And so, we’ll never have an agreement. When one promoter is asking for fifty million U.S. dollars, and one-twenty-five or one-fifty, I think one-twenty-five per head tax in perpetuity for twenty-three acres, that’s unreasonable. So it will never happen. So the only option we have is the compulsory acquisition, but again, the first process, you put it out there, the owner comes and says, well, this is what I want. You have a negotiation, and if you can’t come to an agreement, then the courts will decide how that’s going to be resolved. In relation to the indemnity for the state bank, you didn’t answer all the details that the NTUCB was asking for. They want to see whatever was signed. Because it’s not necessary. The money is in the bank. The indemnity is there. The cabinet has approved that. That was Very, those are abundantly clear what is there.”