The Port of Spain Infrastructure Company has stated that while it retains the right of possession in accordance with the Deed of Lease to MovieTowne’s Port of Spain facility, it is complying with a court order and is not interfering with the operations of Movietowne or that of its tenants.
In a statement today, POSINCO said:
“The Port of Spain Infrastructure Company (POSINCO), has taken note of media reports regarding the lawful execution of its right of re-entry to take possession of the premises leased to Trinbago Commercial Development Company Limited (TCDC) also known as “the Movie Towne”.
“POSINCO has complied with the conditions of the subsequent order handed down on Monday (August 26th, 2024) by the High Court of Trinidad and Tobago, which calls for POSINCO, among other things, to not interfere with Movie Towne’s operations, nor that of its tenants, while the substantive matter between POSINCO and the TCDC is heard.”
The company said that it has not communicated with any tenants regarding the collection of rent.
“POSINCO recognises that tenants may be concerned about their businesses and the future livelihoods of their employees. Given that the Court has made no determination as to who should receive the rent from tenants, the company has not sought to communicate with any tenant requesting that they make rental payments directly to POSINCO.
“The company will continue to respect the decisions of the Court and uphold the right of the tenants to continue to operate their businesses without interference.”
The company claimed that no payments were made toward rent for the facility.
“It must be noted that even after two unsuccessful injunctions, filed by TCDC’s attorneys, POSINCO retains its right of possession of the facility, in accordance with the Deed of Lease.
“Since 2021, POSINCO has made every effort to bring this matter to an amicable resolution, in the hope that the matter would not reach the Courts.
“However, no payments were made by the TCDC toward its rent. In the interest of its stakeholders and business, POSINCO was left with no choice but to take action.”
The development comes after a statement by POSINCO on August 23 that it has “taken possession” of Movietowne’s Port of Spain premises, saying the re-entry exercise “was undertaken as a consequence of breaches of the terms and conditions of the existing Deed of Lease between POSINCO and TCDC”.