7 News Belize

Stake Bank Owner Wants US$50M For His 23.4 Acres
posted (September 23, 2024)
And while NTUCB is writing to the Prime Minister - the attorney for Michael Feinstein, Godfrey Smith has written to the Commissioner of Lands and the Attorney General.

A letter dated September 17th speaks about the 23.4 acres of land belonging to Feinstein that is being acquired. It says, quote, "our Client is prepared to sell and transfer the said Property and all shares in Stake Bank Enterprises Ltd ("SBEL") to the Government of Belize ("GOB") on the following terms and conditions…."

Those are 11 terms and conditions include most prominently, quote, "Payment to our Client of US$50 million wired to a foreign account to be designated by our Client; US one dollars and 50 cents head tax in perpetuity for all manifested passengers entering the Belize District…;Concessions for mixed development on North Drowned Caye and on Blackbird Caye...."

It's a tall order - but we'll see if government will bite or wait until the matter is litigated.

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7 News Belize