Tonight, the Feinstein group has seriously turned up the pressure on the government of Belize for its acquisition of Sake Bank island.
Their latest pressure tactic comes in the form of a letter from US Congressman Brian J. Mast who chairs the House Foreign Affairs Committee. He today wrote to US Secretary of State Marco Rubio saying, quote, "concerns have been raised with the Committee regarding the state of rule of law in Belize and the potential implications for U.S. strategic interests, American investments, and the bilateral relationship...I would appreciate the (State) Department's assessment of recent investor disputes involving compulsory land acquisition to determine whether these issues warrant closer U.S. attention."
Mast goes on to reference the Stake Bank issue directly, saying, quote, "I would like to understand the Department's current assessment of whether these issues pose a systemic risk to American investors and businesses operating in Belize."
He requests Secretary Rubio have the Department of State, quote
"Assess the current state of rule of law, judicial independence, and property rights protections in Belize...". The Feinstein family - from whom Stake Bank was acquired - put out a release welcoming the letter saying the letter "sends a clear signal to the Government of Belize and Atlantic Bank that these matters are now the subject of high level U.S. scrutiny." A direct quote from ousted developer Mike Feinstein says, quote, "This is now a matter of U.S. congressional oversight...The Government of Belize and Atlantic Bank must understand that the consequences of ignoring these concerns will not be confined to one family or one project."
We reached out to the Minister of Foreign Affairs Francis Fonseca for comment and he gave us only a preliminary response saying, quote, "Both the House Committee and the Department of State can be assured of Belize's full cooperation in any assessment of our Investment Climate and our commitment to judicial independence and the rule of law. We are very proud of our record in this regard.
In terms of the Stake Bank Project it is well known that this is the subject of ongoing litigation in Belize. We are confident in our legal system and respect for the rule.of law and judicial independence require that these court proceedings be allowed to follow their course. We regard these developments seriously and will respond to them through all relevant and available channels accordingly." End quote.
Fonseca told us that his Ministry will provide a more comprehensive response in the days ahead.
