Editorial:

By Omar Silva

Editor : National Perspective Bz DIGITAL 2024

www.nationalperspectivebz.com

Belize City: Wednesday, 25th September 2024

The Belizean government is playing a dangerous game, and it's the people of Belize who will ultimately pay the price. The compulsory acquisition of 23.4 acres on Stake Bank Island is being packaged as a "public purpose" initiative, but the reality smells of something far more insidious: a private deal with far-reaching consequences that the government would prefer we didn’t look too closely at.

While Prime Minister John Briceño assures the nation that this acquisition is vital for the economy and cruise tourism, the facts suggest otherwise. This is not about public interest—this is about a government facilitating a highly questionable land deal that could ultimately benefit foreign entities and private developers, while saddling Belizeans with potential financial liabilities.

A Public Purpose or a Private Payday?

At the heart of this debacle is developer Michael Feinstein, who has long been at odds with the government over his plans for Stake Bank Island. Now, Feinstein is demanding a jaw-dropping US$50 million in compensation for the land, along with long-term financial kickbacks in the form of a perpetual US$1.50 head tax on every cruise passenger entering the Belize District. But here’s the catch: the government has made it clear that the land won’t stay in public hands. Instead, it will be handed over to a Honduran company, OPSA—a company already drowning in US$270 million in debt.

This is where the entire deal begins to unravel. The government’s claim of acting in the public interest becomes laughable when the land, supposedly acquired for a "public purpose," will instead end up in private, foreign hands. So, who exactly is benefiting from this acquisition? It certainly doesn’t look like it’s the people of Belize.

Indemnity: A False Sense of Security

The Belizean government’s attempt to cover its tracks with a so-called “airtight indemnity” from OPSA is perhaps the most troubling aspect of this deal. OPSA, a company already neck-deep in debt, is expected to cover any compensation owed to Feinstein. But let’s be real: an indemnity is only as good as the company backing it, and OPSA’s financials should give every Belizean pause. Minister Kareem Musa himself admitted that the indemnity is only as reliable as the assets behind it, and those assets are murky at best.

So, what happens if OPSA fails to meet its obligations? Who steps in to pay Feinstein? The answer is clear: the Belizean taxpayer. The government is gambling with the nation’s financial future by placing its trust in a company that may very well default on its obligations. And when that happens, Belize will be left holding the bag—forced to pay millions in compensation while OPSA walks away.

A Pattern of Questionable Deals

This isn’t the first time the government has been involved in dubious land deals, and it won’t be the last. The Stake Bank acquisition is just one more example in a long line of questionable transactions that appear to benefit private interests while the public is left with the bill. From secretive negotiations to incomplete disclosures, this administration has repeatedly shown that transparency is not its strong suit.

Belizeans are being kept in the dark about the real motivations behind this deal. The lack of public consultation, the refusal to answer key questions raised by the National Trade Union Congress of Belize (NTUCB), and the government's hasty actions all point to one thing: this is not about the public good. This is about private interests, foreign corporations, and political cronies cashing in on Belizean land.

Who Will Pay the Price?

If this deal goes through, the long-term consequences for Belize could be disastrous. The government’s cozy relationship with foreign entities like OPSA raises serious concerns about who is truly running the show. Is Belize being sold off, piece by piece, to the highest bidder? And at what cost to our sovereignty, our financial stability, and the trust of the people?

Belizeans must ask themselves whether they are willing to accept a government that makes deals in the shadows, with little regard for the consequences. Are we content to sit by while the land and resources that belong to the people are handed over to foreign corporations in deals that could ultimately bankrupt the nation?

A Call for Accountability

This is not just about Stake Bank Island—it’s about holding our government accountable for every deal it makes in the name of the Belizean people. It’s about demanding transparency, demanding answers, and refusing to let this administration get away with playing fast and loose with our future.

October 8th is fast approaching, and with it the final publication of the declaration of acquisition. But Belizeans cannot allow this deadline to pass without demanding real accountability. We must stand up, speak out, and challenge the government on this deal and every other questionable transaction it has tried to push through.

The time for silence is over. The Belizean people deserve better than secretive deals and hollow promises of public benefit. If we don’t act now, we may soon find that the land, resources, and wealth of our nation have been sold off, one shady deal at a time.