Feinstein Group of Companies rejects Government’s compulsory acquisition of Stake Bank land

Posted: Thursday, August 29, 2024. 9:31 am CST.

By Aaron Humes: Calling it “high-handed interference in a private sector dispute live before the High Court,” the Feinstein Group of Companies is putting on notice any potential investors in the project that group chairman Michael Feinstein “reserves all his rights” in regard to the compulsory acquisition of 23 acres of land on and surrounding Stake Bank Island.

The Government intends to take the land and return it to his former company, Stake Bank Enterprises Limited, or SBEL – which is now in receivership. SBEL is being managed to recover the debt owed to its creditor, an investment group called OPSA (Operaciones Portuarias S.A. de C.V.) out of Honduras.

The Feinstein Group accuses Government of siding with OPSA despite their “questionable business practices” and lack of experience in developing cruise ship port facilities, as opposed to Feinstein. It cites the domestic Atlantic Bank Limited, the receiver for SBEL, as having been fined by the Central Bank ‘substantially’ for irregular banking practices.

Belmopan is further accused of allegedly undermining the Stake Bank project with its support of Port of Magical Belize and of meeting secretly in the case of the Prime Minister and one of the Honduran businessmen.

It concludes, “The Group has consulted with its legal advisors, Marine Parade Chambers LLP, who have advised that the High Court is likely to declare the acquisition as lacking any legitimate public purpose, its true purpose being to satisfy the specific and immediate interests of the Honduran businessmen.”

 

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