Feinstein Sued for Fraud

Contributed by Atlantic Bank

FEINSTEIN SUED FOR FRAUD

BELIZE CITY, BELIZE, APRIL 23, 2024 – Atlantic Bank Limited (the Bank) has filed a lawsuit in the High Court of Belize against Mr. Michael Feinstein, director and shareholder of Stake Bank Enterprises Ltd., personally seeking relief for fraud and breach of trust.

The Bank is aware of the dissemination of a copy of a letter written by attorneys for Michael Feinstein to the Central Bank of Belize, subsequent to the filing of the lawsuit, in which certain allegations were made in relation to the Bank’s financing of the Port Coral Project for Stake Bank Enterprise Limited. The Bank categorically denies those allegations and is evaluating a claim for libel with its attorneys based on the defamatory statements in the letter.

The Bank is aware, as well, of an ongoing advertising campaign with the sole purpose of eroding public confidence in the Bank and the financial system in general. In this regard, the Bank says that its fundamentals are strong. Underpinning the Bank’s stability and strength is its Paid-Up Capital, which is the largest within the banking system. The Bank remains the second largest financial institution in Belize, with the largest lending portfolio, funded by the second largest deposit base.

Additionally, the Bank is buttressed by a US$21 billion financial group with over 50 years of service in Belize and more than 110 years of service in the region.

The Bank is guided by strict corporate governance and proudly stands upon its good reputation as a trusted partner cultivated through its dedicated service and continued commitment to invest in Belize.

The Bank is confident that it will be vindicated at the conclusion of the judicial process.

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