THE Port of Spain Infrastructure Company (POSINCO) is not collecting rent from the tenants of Trinbago Commercial Development Company Limited (TCDC), commonly known as MovieTowne
In a release on Monday, POSINCO responded to recent media reports regarding its decision to exercise its right of re-entry to reclaim the premises.
On August 26, 2024, the High Court of Trinidad and Tobago issued an order outlining several conditions for POSINCO, including a directive to avoid interfering with the operations of Movie Towne and its tenants while the legal dispute remains pending.
In a statement, POSINCO acknowledged the concerns of tenants regarding the potential impact on their businesses and employees’ livelihoods. The company clarified that, since the Court has not ruled on the allocation of rent payments from tenants, it will not request that tenants direct their rental payments to POSINCO at this time.
POSINCO stated that it was committed to complying with the court’s decisions and allow tenants to continue their operations without disruption. Despite two unsuccessful injunctions filed by TCDC’s attorneys, POSINCO maintains its legal right to possess the facility under the terms of the deed of lease, the release stated.
Since 2021, POSINCO has sought to resolve the situation amicably, but the lack of rent payments from TCDC has forced the company to take legal action in the interest of its stakeholders, it stated.
