The high-profile fraud case involving developer Michael Feinstein and the contentious Stake Bank project has been postponed, marking another twist in a legal saga that has captivated Belize. Scheduled to commence in the High Court on October 29, 2025, the proceedings were abruptly delayed as Feinstein’s British legal team sought a stay to appeal a prior decision barring the submission of new evidence. Justice Susan Goonetilleke adjourned the case pending a ruling from the Court of Appeal on the matter.
The dispute traces back to April 2024, when Atlantic Bank Limited accused Feinstein and Stake Bank Enterprises of fraud, alleging that $62 million in financing for a cruise port development was misused. The bank claims Feinstein unlawfully transferred a 23.5-acre island extension to his personal name rather than the company’s. Outside the courtroom, Feinstein lashed out at his adversaries, labeling them “banksters” and accusing financial institutions and government officials of conspiring to seize control of the multimillion-dollar project.
Adding to the controversy, the Government of Belize recently moved to compulsorily acquire 23.4 acres of Stake Bank Island, a decision Feinstein’s group has denounced as unlawful and lacking public interest, particularly given the presence of other port facilities like the Port of Belize. This latest delay prolongs a legal battle that continues to raise questions about transparency, accountability, and the future of the Stake Bank development.