Atlantic Bank Sues Michael Feinstein for Fraud and Breach of Trust

Atlantic Bank Limited (the Bank) has filed a lawsuit in the High Court of Belize against Michael Feinstein, director and shareholder of Stake Bank Enterprises Ltd., personally seeking relief for fraud and breach of trust. The Bank says, in a statement issued today, that it 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 statement further notes that 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. In closing, it noted that the Bank is confident that it will be vindicated at the conclusion of the judicial process.