POSINCO Reclaims MovieTowne Property Over Lease Breaches

The Port of Spain Infrastructure Company (POSINCO) has exercised its right of re-entry and taken possession of the premises leased to the Trinidad and Tobago Commercial Development Company Limited (TCDC), commonly known as “MovieTowne.”

According to an article published by TT Loop News, a statement issued by POSINCO explained that this action was prompted by multiple breaches of the terms and conditions of the existing Deed of Lease between POSINCO and TCDC.

The company noted that it had been in discussions with TCDC for several years to resolve these issues and avoid such an outcome while upholding its rights under the lease agreement.

“Those discussions have not borne fruit,” POSINCO stated, emphasizing that the re-entry was conducted in a peaceful manner, aiming to minimize disruption to MovieTowne’s tenants and stakeholders. POSINCO assured that it would continue to handle the situation with the necessary sensitivity and in full compliance with the laws of Trinidad and Tobago.

Despite the re-entry, MovieTowne responded by sharing an image on social media with the caption “We are open,” inviting the public to visit its venues.

Earlier this year, the Trinidad Guardian reported that MovieTowne owner Derek Chin owed $93 million to the Board of Inland Revenue in unpaid taxes and penalties .

(TT LOOP News Photo)

See original article here: https://tt.loopnews.com/content/posinco-has-taken-possession-movietowne-premises