Stake Bank Founders File UK Lawsuit Over Project Takeover

Michael and Melita Feinstein have taken their dispute over the Stake Bank cruise port project to the High Court in London, filing a lawsuit related to how the project was financed and later taken over.  In a statement issued today, the Feinsteins said the case is being brought against Guillermo Bueso Anduray, a Honduran businessman. They allege that he used his influence over Atlantic Bank Limited (ABL) to take control of the Stake Bank project through the bank’s financing arrangements.  According to the Feinsteins, Bueso effectively controlled decisions at Atlantic Bank and used that position to manage the project’s finances, place the company into receivership, and ultimately push the project’s founders out of management and ownership. They claim this was done without proper legal grounds.  The lawsuit also alleges that Bueso hid his level of control through related companies and individuals, while using Atlantic Bank’s role as lender to gain full control of the project.  The Feinsteins say these actions caused them to lose their investment and control of the project and stalled what they describe as an important national development for Belize. They are asking the English court for financial compensation and legal rulings to address what they say was improper conduct.  The case is before the UK courts because the dispute involves contracts, financing arrangements, and corporate structures governed by English law, and because the Commercial Court in London has jurisdiction over international financial and banking disputes.  In addition, key parties, legal agreements, or enforcement clauses linked to the Stake Bank financing reportedly fall under English legal jurisdiction, allowing the Feinsteins to bring the matter before the UK High Court rather than in Belize.//////