Stake Bank Enterprise LTD sends court threats to the Government of Belize

Stake Bank Enterprise LTD sends court threats to the Government of Belize

The Government has two days to publicly declare the Definitive Agreement as null and void; that is because Stake Bank Enterprise Limited has threatened to take the Government of Belize to court should they refuse to make that declaration by Thursday.  Stake Bank’s attorney, Senior Counsel Glen Godfrey, wrote to Prime Minister John Briceno yesterday, highlighting the approval given to Stake Bank Enterprise by the previous administration in January 2018, as well as a ruling made by the High Court in 2021.  In that court ruling, the then Justice Shoman granted Stake Bank the leave to apply for Judicial Review regarding the decision of the National Environmental Appraisal Committee (NEAC) and the Department of the Environment (DOE) in granting Environmental Clearance to Portico Enterprises Limited, as well as the Environmental Clearance plan (“ECP”) between Portico and DOE.  Since this matter still remains before the court, Senior Counsel Godfrey, cautioned the government that should his client be successful in its court claim, Portico Enterprise would not have the clearance to operate lawfully.  On the backdrop of all the factors highlighted, Stake Bank Enterprise has given the government until June 8, to declare Portico’s Definitive Agreement as invalid, and to refrain from taking any steps to pass and/or enact any primary and/or subsidiary legislation in furtherance of the Port of Magical Definitive Agreement.  The letter concludes, and we quote, “Failure to provide such an undertaking within the timeframe stated above will result in an Application to the High Court of Belize to protect our Client’s interest.  Our Client reserve all its rights, including the right to commence proceedings against you …. to seek relief, including but not limited to, claims in misfeasance and negligence, to claim damages, interest and to seek an order for costs.  We trust that GOB will govern itself accordingly and such an application will not be necessary.” End of quote.

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