THE Port of Spain Infrastructure Company (POSINCO) has taken control of the MovieTowne premises following a prolonged dispute over alleged breaches of the lease agreement by the TT Commercial Development Company Ltd (TCDC).
POSINCO stated its decision to exercise its right of re-entry due to continuous violations of the lease terms by TCDC, commonly known as MovieTowne.
Sources said MovieTowne was in about $10 million in rental arrears.
In a release, POSINCO stated that it had engaged in extensive discussions with TCDC over the years to resolve these issues amicably, but these efforts proved unsuccessful.
POSINCO stated that it was committed to carry out the re-entry process peacefully and with minimal disruption to MovieTowne’s tenants and stakeholders. The company assured that it would continue to manage the situation sensitively and lawfully.
The release stated, “This 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.
“POSINCO has been in discussions with TCDC for several years regarding the said breaches in an effort to avoid today’s outcome, while maintaining its rights under the deed of lease to re-enter. Those discussions have not borne fruit.”
Eyewitnesses reported some resistance when bailiffs arrived to assume control of the property.
However, the situation was swiftly managed, allowing POSINCO to take possession. Media personnel attempting to cover the event faced obstruction from security staff believed to be associated with MovieTowne.
It has been reported that a significant sum in rent payments has been outstanding since May 2021.
