Jared Ranguy pleaded guilty a short while ago to triple murder. Justice Nigel Pilgrim has reserved sentencing until after mitigation pleas are submitted. Ranguy pleaded guilty to the murders of his mother, sister, and stepfather in Ladyville in November of 2012. In court, the relatives of the deceased persons sobbed as Ranguy admitted that he killed the victims without provocation.
His guilty plea came after having gotten a sentence indication, meaning that he decided to plead guilty without going to a trial. News Five will have the full details, including an interview with the family, in our newscast live at 6.
News Five has confirmed that Stake Bank Enterprise Limited is in receivership. Atlantic Bank Limited has taken possession of the company’s assets as of Thursday, March 14th. Marlowe Neal of Neal & Associates Advisory Services Ltd. is the receiver.
Ground being broken at Stake Bank n 2019
In February 2019, ground was broken for Stake Bank Enterprise Limited with the intention of embarking on a tourism development project on its twenty-five-acre island.
Back then, Chairman of the Feinstein Group, Michael Feinstein, told the press that “The bankers for this project is being led by the Atlantic Bank group. The Atlantic Bank is the lead organizer for the money for this project which is sixty-seven million dollars on the island and a total of about eighty-two million dollars before this project is done.”
Michael Feinstein, Chairman of the Feinstein Group
However, fast forward five years, and the once-barren island off the coast of Belize City has transformed into a partially developed construction site yet remains unfinished despite significant efforts and investments. The project, also known as Port Coral, aimed to create a state-of-the-art cruise ship docking facility and tourism hub.
Stake Bank Enterprise Ltd., led by Michael Feinstein, secured a definitive agreement with the Government of Belize in August 2017. This agreement granted the company permission to build and operate the Stake Bank project for a fixed 25-year term. It preceded the enactment of the Stake Bank Cruise Docking Facility Development Act in January 2018.
Aerial View of the unfinished construction
The Claim
The project faced challenges, including legal disputes and controversies surrounding the approval of competing cruise ship docking facilities in Belize District, notably the Port of Magical Belize. Feinstein and Stake Bank initiated legal proceedings against the government and Portico Enterprises Limited, seeking damages for alleged breaches of the definitive agreement and hindrances to project progress.
Feinstein claims that news of Portico’s memorandum hindered negotiations and halted the construction of the Stake Bank Project.
Lawsuit filed by Michael Feinstein & Stake Bank Ltd. against G.O.B.
The Government of Belize further exacerbated the situation by entering into a definitive agreement with Portico in October 2020, granting a thirty-year term for the Port of Magical Belize along with extensive approving rights, tax benefits, and duty concessions unprecedented for any other investor or developer. Stake Bank contends that these breaches have caused significant loss and damage, resulting in a six-year stall of the project.
They claim projected net revenue losses of one hundred forty-eight million, four hundred thirty-four thousand, and four hundred four Belize dollars, along with an additional thirty million Belize dollars in interest incurred during this period.
What is a Receivership?
Receivership serves as a debt restructuring mechanism aimed at steering a company away from bankruptcy or liquidation while legal proceedings unfold. During this interim period, a neutral and legally appointed professional, known as a receiver, assumes control over the company’s operations, finances, and assets. The primary objective of the receiver is to evaluate the company’s sustainability, creditor interests, and outstanding debts, subsequently devising a repayment strategy that mitigates the need for total liquidation.
The Orange Walk Running Rebel announced earlier today that it “will not be able to continue participating in the 2024 BEBL tournament as it has become excruciating operating, organising, and competing under the present structure and leadership.”
The announcement was made on Facebook.
The team said, “We know the news is disappointing, but unless we get the change we had believed in and hoped for, elite basketball has not and will not change.”
The Orange Walk Running Rebel also said that it will remain active by continuing its work with youths and preparing for the 2025 season.
Luis Siapas was fatally chopped early this morning while at an establishment in St. Margaret’s Village in the Cayo District. According to witnesses, the victim was at La Rumba Restaurant and Bar when he was attacked by some men who chopped him in the head, face, throat, and hands.
Blood stains on pool table at restaurant where murder occurred.
The victim’s common-law-wife, Julisa Narajo, told News Five that before the deadly attack, Siapas was calm and happy. She said she was alerted to the attack by her neighbour. As to a suspected motive, she said, “At no point did he have any problem with the men who attacked him.”
The Belize Police Department has confirmed that fifty-nine-year-old Robert Joseph has been charged with two counts of murder and three counts of attempted murder.
A tragic shooting incident at the Belmopan Market claimed the lives of Laura Fiorito, aged forty, and eight-year-old Megan Klassen, a neighbour’s child. Security cameras captured when they were fatally shot by Joseph, who had been living in Belize since 2012.
The incident occurred while Fiorito, her husband, Salvatore Lopes, and their two children were at Paradise Café.
Security cameras captured the interactions between the victims and Robert Joseph
The motive behind Joseph’s attack has left many puzzled. He claims the family attempted to poison him.
Police Commissioner Chester Williams told reporters yesterday, “Police have interviewed a number of persons in respect to that matter and we are trying to see how we can come up with a definitive motive…We are still trying to put the pieces together. We have gathered several statements and we have obtained some video footages that is helping the investigation pretty good. So, the accused was immediately detained by the police and the weapon used was also detained by police. So we have a good case going forward.”
