Feinstein Group Rejects Government’s Compulsory Acquisition of Stake Bank

Tonight, the Feinstein Group is rejecting the government’s compulsory acquisition of a disputed portion of Stake Bank Island, calling the decision illegal and unjust. In a lengthy release, the group argues that the acquisition lacks justification and contravenes legal standards for compulsory acquisition. According to the group, the government’s claim of public necessity is unfounded given the availability of alternative docking facilities, such as the Port of Belize and Port of Magical Belize. They assert that compulsory acquisition should be a last resort, used only when absolutely necessary, which they believe is not the case here. Further complicating matters, the group refutes media claims about ownership, stating that Feinstein owns 100% of Stake Bank Enterprises Ltd. (SBEL), contrary to reports suggesting a 50-50 split. The group emphasizes that Feinstein’s acquisition of the additional land was fully transparent and legally sanctioned. Additionally, Feinstein accuses the government of corruption and malice, suggesting that the decision is a retaliatory measure against Feinstein’s criticism of the government and its alleged efforts to undermine his project. The group says it has initiated an independent international appraisal of the property to support their case and urge the government to resolve the dispute through transparent dialogue. Nonetheless, while Feinstein believes the acquisition has an ulterior motive, Prime Minister John Briceno reiterated this weekend that the decision seeks to advance the dwindling cruise tourism industry. 

John Briceño, Prime Minister of Belize: “We’re trying to find between the two parties, trying to find out for them to be able to come to some agreement, they’ve been unable to do that. The number of cruise lines that are coming are decreasing because we do not have where they can dock. And then this asset is being washed away. So we believe as a responsible government, we have put out the first notice for compulsory acquisition. Then that means that whosoever owns the land could come to government and say this is my land, I need to be compensated. There’s a negotiation and then if there’s no, we cannot come to an agreement, then we go to the courts. What is most important is that the government got from the main investors a deposit in the bank in the name of the Government of Belize and also indemnity bond so that whatever happens in the next two, three years, we’re quite likely going to go to the Caribbean Court of Justice, the Government of the Belize and the Belizean people will not have to pay a single penny in the settlement of this project.”

The Feinstein Group also expressed concern over misinformation in the media regarding the project’s financial details. They argue that the reported expenditures and funding figures have been inflated, misleading the public and damaging Feinstein’s reputation.