Feinstein’s Fraud Case Over Stake Bank Hits Pause

The long-running Stake Bank dispute returned to the spotlight today as the much-anticipated case involving developer Michael Feinstein was set to begin in the High Court. But instead of opening arguments, the case was delayed.

Appearing before Justice Susan Goonetilleke, Feinstein’s team of British attorneys requested a stay of proceedings to appeal a prior decision that blocked their attempt to submit new evidence. The matter has now been adjourned until the Court of Appeal delivers its ruling on the related issue.

Outside the courtroom, Feinstein referred to his opponents as “banksters,” a jab at the financial institutions and government officials he accuses of trying to take control of the multimillion-dollar cruise port development.

The controversy began in April 2024, when Atlantic Bank Limited filed a lawsuit against Feinstein and Stake Bank Enterprises, alleging fraud. The bank claims it provided $62 million to finance the development of the cruise port and accuses Feinstein of illegally acquiring title to a 23.5-acre island extension in his personal name rather than in the company’s name.

This latest delay adds to a saga that deepened when the Government of Belize moved to compulsorily acquire 23.4 acres of Stake Bank Island, land owned by Feinstein. His group has called the acquisition unlawful and lacking any legitimate public interest, especially given the existence of other port facilities like the Port of Belize.