High Court Halts Asset Sales in Stake Bank Dispute

Yesterday, Businessman Mike Feinstein was blocked by the High Court from selling any of the assets that have been listed by Stake Bank’s Receiver, Marlowe Neal. The order now forbids Feinstein from doing away with the 23 acres of land and other assets that Neal believes were purchased via funds or incentives originally meant for Stake Bank Enterprises Limited and not any one individual. Neal made the request yesterday in court and Feinstein’s attorney did not object to the injunction. In recent weeks, the two parties have been at a war with words, issuing releases and statements over alleged discrepancies on both sides. Neal, being the Receiver for Atlantic Bank Limited, is mandated to secure all Stake Bank assets with a view by the bank to have the cruise port completed and operational. The upset between the Receiver and Stake Bank might cause a delay in getting the project finalized, which Atlantic Bank hopes to complete within six months. Neal says that Feinstein acquired several luxury vehicles and two airplanes under special concessions granted to the company but has not turned them over to Stake Bank. A lawsuit has been filed against the businessman for fraud, but Feinstein denies the claims and says the items were bought with personal funds for his family’s use. Today, we asked Minster of Finance John Briceno for his take on Feinstein escaping import taxes on expensive vehicles by purchasing them under the company’s name. 

Hon. John Briceño, Prime Minister of Belize:“Again that’s a matter that’s already going in the courts and I wish not to comment but I think you know, but you know what’s the answer to that question.”

Love News understands that some 150 million Belize dollars have been invested in the Stake Bank development, and an additional 50 million would be needed to have it completed.