PM Briceño Says Feinsteins Free to Take Stake Bank Dispute to UK Courts

Prime Minister John Briceño has reacted cautiously to news that Michael and Melita Feinstein have taken their dispute over the Stake Bank cruise port project to the High Court in London, saying only that it is within their legal right to pursue the matter.  Speaking to reporters, the Prime Minister declined to comment on the substance of the case, noting that the matter is now before the courts and should be allowed to run its legal course. He stressed that the Government of Belize will not interfere in ongoing litigation and reiterated that parties are entitled to seek legal remedies wherever jurisdiction allows.

John Briceño, Prime Minister of Belize: “I am only aware of what I saw on the press. As you know, Mr. Feinstein, it’s a private transaction and so as such, then he feels that if he may need to go to London to take out a lawsuit then that’s up to him. It’s his right as a citizen to be able to take out a lawsuit or do whatever it is as long as he’s acting within the law.”

The Feinsteins’ legal action relates to how the Stake Bank project was financed and later taken over. In a statement issued today, the Feinsteins say the lawsuit is being brought against Guillermo Bueso Anduray, a Honduran businessman.  The Feinsteins allege that Bueso used his influence over Atlantic Bank Limited (ABL) to gain control of the Stake Bank project through the bank’s financing arrangements. They claim he effectively controlled decisions at the bank, managed the project’s finances, placed the company into receivership, and ultimately forced the project’s founders out of management and ownership without proper legal grounds.  The lawsuit further alleges that Bueso concealed the extent of his control through related companies and individuals, while using Atlantic Bank’s role as lender to assume full control of the project. According to the Feinsteins, these actions caused them to lose both their investment and control of the project, stalling what they describe as a major national development for Belize.  Meanwhile, Atlantic Bank Limited issued a response late Friday, stating, quote, “We are aware of reports regarding a filing by Michael and Melita Feinstein in the Commercial Court of the High Court of Justice in London and are reviewing the matter.  Claims of this nature have been raised before and have consistently failed when tested through the courts. We remain confident in our legal position and are prepared to respond accordingly to these meritless accusations.”  End of quote.  The Feinsteins are seeking financial compensation and legal rulings from the English court to address what they allege was improper conduct.  The case is before the UK courts because the dispute involves contracts, financing arrangements, and corporate structures governed by English law, and because the London Commercial Court has jurisdiction over international banking and financial disputes.