Stake Bank Goes Tit for Tat with Portico Over Definitive Agreement

There is a war of words being waged by the principals of two cruise port projects in Belize and the back-and-forth via press releases continues to reveal the intricacies of the agreements that were struck with the government.  On February twenty-second, Chief Executive Officer David Gegg issued a blistering response to a letter that was written by former Attorney General Michael Peyrefitte where he is on record categorically stating that there was no Definitive Agreement recommended by the investment committee, approved by cabinet, or vetted by the AG’s office between the Barrow administration and Port of Magical Belize/Portico.  In Gegg’s rejoinder, he pointed to work being done by the law firm of Morales Peyrefitte in February 2020, for the purpose of drafting the very same definitive agreement that is in question.  He also mentioned that someone connected to the Stake Bank development project used Peyrefitte’s letter and went on a libelous and defamatory rant against Portico and Gegg, himself.

Tonight, Stake Bank Enterprise Limited has issued a statement in which the company says that it is “extremely appalled by the recent disclosure of the existence of a Definitive Agreement issued to Portico Enterprise Limited by a former United Democratic Party minister which is being classified as fraudulent since it did not have the recommendation of the Government’s Cabinet Sub-Committee on Investment and subsequent approval of the government”.  The release from Stake Bank goes on to say that the revelation is detrimental to its investment and that it is a reflection of the irresponsible approach that the Government of Belize is taking with the cruise industry.  Elsewhere in Stake Bank’s letter, it goes on to say, “this fraudulent Definitive Agreement is no doubt used to dupe the cruise lines that the government supports Portico Enterprise Limited’s project, when this is furthest from the truth.  It is also clear that Portico Enterprise Limited is aware that the Definitive Agreement is highly questionable because there is great reluctance to disclose it.  SBEL notes that Portico Enterprise Limited is obligated to disclose this document because taxpayers funds are at stake via the concessions contained in such agreement”.  We note that on November twenty-first, 2021, the Royal Caribbean Group wrote to David Gegg and Boskalis International indicating that it had decided to back and partner with Portico Enterprises Limited on the Port of Magical Belize.