Atlantic Bank Limited washes its hands of Stake Bank Enterprise

Atlantic Bank Limited washes its hands of Stake Bank Enterprise

The waters have become even murkier surrounding the issue with Stakebank Enterprises Limited, its shareholders and Atlantic Bank Limited.  Tonight, we can tell you that a company registered in Honduras, Operaciones Portuarias, has paid off the 60 million debt incurred by SBEL at ABL.  Love News understands that while the last payment was made yesterday, sealing the deal with the bank, there is much left to be sorted out in this situation.  Best information to our newsroom is that Mike Feinstein of SBEL retains fifty percent shares in the company, which could bring about some complications with the other shareholders.  We understand that the necessary legal paperwork between the shareholders was not fully completed which is bound to make things even messier.  For tonight, however, Atlantic Bank Limited has washed its hands of business with Stake Bank Enterprises Limited (SBEL), but there is still an ongoing investigation to ascertain the other shareholders in SBEL.  Reports to Love News say that the 62 million dollar debt incurred at the bank by SBEL was sold over to Operaciones Portuarias, S.A. de C.V. a corporation registered and organized under the laws of Honduras. While we did seek further clarity on the way forward, we were told by a high official that this is a private matter and that confidentiality would apply in this case.  In the bank’s official statement issued today, it assured its customers that their monies are properly safeguarded. The announcement comes as a curve ball, of sorts, as things had quieted down since May 9 when the court had granted an injunction, barring Mike Feinstein from selling off some 23 acres of land and a list of other items purportedly bought by SBEL funds.  Just two days before that injunction, the Feinstein Group had asked the Central Bank Governor, Kareem Michael to appoint an independent inspector to investigate a series of violations carried out by ABL contrary to the country’s banking regulations.  One of the points highlighted by the Feinstein Group was Atlantic Bank’s decision to extend credit facilities of sixty million dollars to Stake Bank.  Meanwhile, on the other hand, Atlantic Bank Limited was alleging that Feinstein accumulated personal assets using monies that were earmarked for the Stake Bank project.  The bank had begun pursuing ways and means to have Feinstein transfer the assets to SBEL which would have then be brought under receivership as well.  Our newsroom will keep following this story.

Related post

Caretaker Fatally Shoots Intruder in La Isla Bonita Home Invasion

Caretaker Fatally Shoots Intruder in La Isla Bonita Home…

Police on La Isla Bonita are investigating the fatal shooting of a man caught entering a house last night. According to…
Coastal Plain Highway Reopens for Light Traffic After Flooding

Coastal Plain Highway Reopens for Light Traffic After Flooding

After being impassable for most of today due to flood waters, the Ministry of Infrastructure Development has given the green light…
Meteorologists Warn of Potential Weekend Flooding in Northern Belize

Meteorologists Warn of Potential Weekend Flooding in Northern Belize

The Coastal Plains Highway is not the only area in Belize that will have cause for concern for flooding over the…

Leave a Reply

Your email address will not be published. Required fields are marked *