High Court rules against Feinstein in Stake Bank compulsory acquisition case; Feinstein group to appeal ruling

Published by BBNTEAM at January 31, 2025

Posted: Friday, January 31, 2025. 8:30 pm CST.

By Aaron Humes: The Feinstein Group has announced its intention to appeal Wednesday’s High Court decision that deemed the Government of Belize’s planned compulsory acquisition of 23.4 acres of Stake Bank, owned by Chairman Mr. Michael Feinstein, as constitutional.

The court’s ruling came as a disappointment to the Feinstein Group, which claims it has invested in Stake Bank for the past two decades. It said in a statement that it views the decision as “a temporary setback,” but remains resolute in its belief that the compulsory acquisition violates the principles of constitutional law and lacks genuine public interest.

The Feinstein Group expressed its commitment to fighting for what it deems to be its rightful property. “We knew this battle would be long and arduous, but we will not surrender our quest for justice and fair play,” the statement read.

The company’s legal team has reportedly reviewed the judgment meticulously and remains confident that grounds exist for a successful appeal. They maintain that the acquisition does not serve a legitimate public purpose and that it poses risks to the integrity of Belize’s legal and investment framework.

“The judgment must be appealed to clarify the law and prevent arbitrary government actions that undermine property rights and due process,” the statement continued. The Feinstein Group emphasized that this case represents more than just a land dispute; it highlights the importance of safeguarding economic prosperity and lawful governance in the country.

High Court Justice Rajiv Goonetilleke issued a ruling five weeks after a 12-hour hearing in December that brought together leading attorneys from both sides. Senior Counsel Godfrey Smith, alongside Hector Guerra, William Lindo, and Edgar Lord represented Feinstein, while the government’s defense was led by Senior Counsel Magali Marin Young, supported by a team of Trinidadian attorneys. Senior Counsel Dean Barrow, acting on behalf of Stake Bank Enterprises, and Senior Counsel Eamon Courtenay, representing OPSA, also contributed to the legal proceedings.

In the end, Justice Goonetilleke rejected Feinstein’s arguments, which contended that the acquisition was unconstitutional due to a lack of specific provisions regarding compensation payment timelines. Courtenay explained to Channel 7 News, “The judge concluded that the law is, in fact, constitutional.”

He noted that the court found no basis for Feinstein’s claims of abuse of power or improper purpose by the Minister of Natural Resources: “There was absolutely no abuse of power and no improper purpose, and the public interest was adequately served.”

The announcement of an imminent appeal stalls the decision of the Minister of Natural Resources on issuing a second notice that would solidify the acquisition process. If the minister proceeds to gazette this notice, Stake Bank would vest in the government, facilitating an expedited transfer to the involved company, ultimately allowing the project to commence.

In his interview with Channel 7 News, Courtenay emphasized the importance of the project, citing the significant investment and subsequent duties foregone by the citizens of Belize. He remarked, “The judge thoroughly analyzed the evidence and explained why this project is necessary for the public interest.”

Feinstein is ordered to bear the costs for the Ministry of Natural Resources and the Attorney General.

Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Belize ~ We offer fully customizable and flexible digital marketing packages. Your content is delivered instantly to thousands of users in Belize and abroad! Contact us at mаrkеtіng@brеаkіngbеlіzеnеwѕ.соm or call us at 501-612-0315.