And while Feinstein is called on the Central Bank of Belize (CBB) to investigate Atlantic Bank Limited, the bank is demanding that Feinstein owns up to what they say are massive and multiple failures of his enterprise. Today, Marlowe Neal, the Receiver for Stake Bank Enterprise Limited (SBEL), responds to Michael Feinstein. In a lengthy release, Neal says the company’s total debt does exceed $200m, and currently, there are no revenues to repay back those debts; not even to repay interest on the debt since the project is far from completed and is at a standstill. According to Neal, the project has exceeded its original cost of US$80 Million by an estimated US$40 Million. He says that lenders were promised a finished and functioning cruise port with sufficient income to repay the loans. However, when the bank took over via receivership, they found the project having an estimated 70,000 square feet of unfinished building with built-covered space. Neal adds that 23 acres of land had been reclaimed around the original island, a title to which Feinstein illegally holds and refuses to transfer to the company. According to the release, the project has no income, and not a single cruise ship user agreement has been signed. Neal says that Feinstein’s suggestion that potential buyers exist for the project is completely fictional and no buyer touted by Feinstein has even begun due diligence. Neal notes that there was apparent rampant abuse of the tax benefits of the development concession awarded to SBEL, including luxury items and excess supplies. The receiver has now launched a forensic audit, which will look into irregularities including companies apart from SBEL unlawfully benefiting. In ending, Neal says Feinstein should transfer the ill-gotten title to the Extension of Stake Bank Island and return the assets of SBEL he has taken.
