Supreme Court Gives Green Light to Stake Bank Project

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Updated: October 20, 2015

In 2004, the Government of Belize had signed onto an agreement with the Fort Street Tourism Village, giving the port exclusivity in the Belize District.  Some years later when Michael Feinstein sought to develop the Stake Bank Project which would be another port in Belize City, there were obstacles due to this agreement.  The matter went to the Supreme Court of Belize and today, October 20, a decision was handed down by the courts, ruling those four provisions in the agreement as being unlawful.  Love News spoke with Feinstein’s attorney, Andrew Marshalleck, who explained the two most important provisions that were deemed unlawful.

andrewANDREW MARSHALLECK

According to Marshalleck, while this agreement had posed challenges for additional developments, the agreement between the Government of Belize and Norwegian Cruise Line was mirrored off the one used with FSTV by the Musa Administration.  He added that based on the issues the agreement has created, the model need some adjustments in order to avoid a reoccurrence in the Stann Creek District and the NCL Harvest Caye Project.  Meanwhile, another agreement has been signed – this time, between the Duty Free Air and Ship Supply Company (DFASS) and Sam’s International in which it was agreed that these entities would be developing a new duty free store at the Harvest Caye Island Development in southern Belize.    The establishment will reportedly be housed in a one hundred and forty square metres structure, stocked to serve over one million cruise passengers on a yearly basis.  The store will sell a variety of international spirits, tobacco, fragrances and gift items as well as locally made products.  The store is expected to open early next year.  Reports indicate that this new store is an addition to the DFASS duty free retail stores as it currently has establishments in Belize at the Philip Goldson International Airport, Punta Gorda and the western border.