A high-stakes courtroom battle continued today in a $62 million Belize dollar fraud case over the future of the Stake Bank cruise port project.
Atlantic Bank Limited is suing prominent businessman Michael Feinstein and Stake Bank Enterprise Limited. The bank alleges that Feinstein secretly titled a 23.4-acre island extension into his personal name-creating what we have called the donut effect-leaving the Bank holding the title for the middle of the island while he filled in and got ownership of the surrounding outer edge.
Atlantic Bank financed the massive dredging and reclamation project to expand the island for a cruise ship docking facility. The bank says it provided the many millions under the agreement that the new land would be company property and used as mortgage security.
The questions about that led to this now infamous exchange on UNCUT in June of 2023:
Jules Vasquez
"But one of the one of the concerns is that this 13.2 acres, you know, the bank had a certain security on it, But when they found out, they found out that this 13.2 is held by another company."
Mike Feinstein, Stake Bank
"No, everything belongs to the Stake Bank."
Jules Vasquez:
"Everything. So it's not in a, you see..."
Mike Feinstein, Stake Bank
"Everything belongs to Stake Bank"
Jules Vasquez:
"So now."
Mike Feinstein, Stake Bank
"Well, I'm just."
Jules Vasquez:
"They say It was carved out and put in another company's name was source for dispute. Denying it?"
Mike Feinstein, Stake Bank
"Yeah, of course."
Despite that declaration, the bank discovered Feinstein put the title in his name. Because this new land completely surrounds the original island, his refusal to transfer it back legally blocks the construction of the cruise piers. Feinstein's defense counters that his personal land title is absolute and unimpeachable.
Today in court, he was rigorously cross-examined by attorney for Atlantic Bank, Eamon Courtenay. Courtenay put to him that the extension surrounds the entire 16 acres held by the bank-so how can they install piers for a cruise berthing facility when Feinstein has title for all the sea frontage?
Feinstein says they can use the 66-foot beach reserve, which would span across his land. The questioning continued along this line for hours and will continue tomorrow.
Atlantic Bank Managing Director, Greg Maheia, and attorney Aldo Salazar have also taken the witness stand. The bank is asking the High Court to force Feinstein to immediately turn over the land and is seeking damages for fraud. Eamon Courtenay and Iliana Swift are appearing for Atlantic Bank, Rumen Cholakov and Bryan Neal for Michael Feinstein, and for Stake Bank Enterprise (now in receivership): Dean Barrow and Agassi Finnegan.
