BELIZE CITY, Thurs. Oct. 23, 2025
While construction at the Stake Bank tourism development project, located roughly 2 miles off the coast of Belize City, appears virtually stalled, big moves around the venture continue to unfold in court. The developer behind the ambitious cruise port project was Belizean businessman Michael Feinstein, but relations soured between him and his financiers, including Atlantic Bank Limited (ABL) which accused Feinstein’s Stake Bank Enterprises Limited (SBEL) of defaulting on its loan. The fallout triggered a series of legal and financial disputes that threatened the future of the project.
In order to facilitate the completion of the project, in August 2024, the Government of Belize moved to compulsorily acquire the 23.4-acre extension around the island which had been registered, not under SBEL, but in Feinstein’s name. The acquisition was challenged in court, but at the end of January 2025, the High Court ruled in favour of the Government, affirming the legality of the move. Feinstein filed an appeal that remains pending before the Belize Court of Appeal.
Once the acquisition was complete, ownership of the extension was vested in SBEL, whose US$62 million debt was bought over by Operaciones Portuarias S.A. de CV (OPSA), a Honduran company.
This afternoon, Feinstein was back in the High Court flanked by members of his high-powered legal team now comprising both local and international attorneys. They appeared before Justice Tawanda Hondora for a case management hearing in a matter that is strictly between OPSA and Feinstein. While neither party granted interviews, Amandala confirmed that the hearing concerned shares issued to OPSA in SBEL. According to reports, the dispute had previously gone to arbitration under the Arbitration Act, Chapter 125 of the Laws of Belize. Feinstein is now seeking to have the arbitration award set aside, arguing that the ruling, which was handed down in late 2024, was unlawful.
Representing OPSA is Senior Counsel Eamon Courtenay and Senior Counsel Priscilla Banner from Courtenay Coye LLP, while Feinstein has assembled a formidable legal team. Alongside local attorneys Hector Guerra from Marine Parade Chambers and William A. Lindo, Feinstein has retained several international experts. Feinstein’s daughter, Michaela Feinstein, offered a glimpse into the legal firepower in her father’s case. She wrote on Facebook: “Putin’s Solicitor. A UK Judge. Two International Titans. In Belize. The Stake Bank case just went global.” She then added, “In major Power Moves, Feinstein now commands one of the strongest and most internationally recognized legal teams in the region. Their presence underscores the exceptional gravity and global importance of the high profile Stake Bank case now before the Belize courts. A historic moment for Belize’s judicial landscape.” In court today was London-based barrister, Rumen Cholakov who is known for his work in civil fraud, finance disputes and arbitration. However, Feinstein has also enlisted solicitor-advocate David Goldberg, a prominent international arbitration mediator. He is the founding partner of Pinna Goldberg law firm in London. There is also King’s Counsel Richard Salter, and investment treaty specialist Dmitry Laverychev, a senior associate in the UAE office of the Pinna Goldberg law firm.
Justice Hondora has set trial for March 2026.
