And while Stake Bank's investment is a private transaction - because of the quantum the money involved - it is a matter of public interest for the Government and the Central bank - since a portion of the project's financing comes from depositor funds. And, then there's the other pressing public issue of a cruise port that has a berthing facility - will Belize ever have one!?
We asked the Prime Minister about both today and he didn't seem too stressed out about it. But he did give us a nugget - guess what, the Port of Belize might end up being a cruise port after all! Here's the whole interview:
John Briceno, Prime Minister
"When it comes to the issue of the receivership, that's a matter for the bank and I'm sure they may have their reasons why is it they believe that they have to put the Stakebank project on receivership. As we know that the main players behind the Stakebank project decided to sue the government. From what I'm told, there's really no case so I can't understand why it is that they would want to due the government."
Courtney Menzies:
"What do believe this means for the cruise sector, will Belize ever see a berthing port?"
John Briceno, Prime Minister
"I do believe that we will. As we said, there's three areas, there's Stakebank, there's Portico and there's Port of Belize and so all of that is still remaining in play. And we will see which is the one that is able to develop into a cruise port that can meet not only the needs for today but also for ten, twenty years from today."
Courtney Menzies:
"This is the largest receivership I believe in Belize's banking history, do you think it will affect the banking sector?"
John Briceno, Prime Minister
"No it will not. The Central Bank has been very clear and also so has Atlantic Bank, they have been very clear from day one, they are going to ensure that they project every single cent of the depositor so no I do not expect it to be a problem."
Reporter:
"Notwithstanding you saying that the claimants don't have a case, has the government engaged with them, have you met with them?"
John Briceno, Prime Minister
"I have not met with them. But Mr Feinstein did call me on Wednesday wanting to have a meeting so I hope to meet with him next week."
Reporter:
"Where are we with the legislation that's forthcoming with cruise tourism development in this country?"
John Briceno, Prime Minister
"Until we know where we're going, it does not make sense to pass this piece of legislation. We're pretty much ready but depending on which direction we go, then we'll need to make some adjustments to that piece of legislation so that why we're holding onto it and we will deal with it when the time is appropriate."
