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COVID-19 Stimulus: TPP slashes rents up to 100% for tenants

-as US$529,974 in 2018 dividends will be paid out to shareholders
In a new economic response initiative as part of the COVID-19 stimulus plans of the Premier Andrew A. Fahie (R1) led government, the Tortola Pier Park Ltd (TPPL) will be moving to payout dividends to shareholders as well as slash rents for eligible tenants at the facility. Photo: VINO/File
Premier Andrew A. Fahie made the announcement yesterday, Friday, June 5, 2020 saying,
Premier Andrew A. Fahie made the announcement yesterday, Friday, June 5, 2020 saying, "The TPPL Board, supported by the BVI Ports Authority Board which is the Parent Company of TPPL, recognised the importance of dividends being remitted to shareholders, and accordingly have approved the payment of 2018 dividends in the amount of US$529,974." Photo: VINO/FIle
The dividend payment date is slated for Monday, June 8, 2020, to some 94 local shareholders of TPPL and the largest investor which is the Social Security Board (SSB), will receive US$442,500 in payouts. Photo: VINO/File
The dividend payment date is slated for Monday, June 8, 2020, to some 94 local shareholders of TPPL and the largest investor which is the Social Security Board (SSB), will receive US$442,500 in payouts. Photo: VINO/File
ROAD TOWN, Tortola, VI - In a new economic response initiative as part of the COVID-19 stimulus plans of the Premier Andrew A. Fahie (R1) led government, the Tortola Pier Park Ltd (TPPL) will be moving to payout dividends to shareholders as well as slash rents for eligible tenants at the facility.

Premier Fahie touched on it in an announcement yesterday, Friday, June 5, 2020 saying, "The TPPL Board, supported by the BVI Ports Authority Board which is the Parent Company of TPPL, recognised the importance of dividends being remitted to shareholders, and accordingly have approved the payment of 2018 dividends in the amount of US$529,974."

The dividend payment date is slated for Monday, June 8, 2020, to some 94 local shareholders of TPPL and the largest investor which is the Social Security Board (SSB), will receive US$442,500 in payouts.

According to the Premier, "These dividends come at a time when the BVI is still navigating turbulent waters as a result of the economic consequences of the COVID-19 pandemic. They also come when TPPL is also moving towards 90 per cent recovery from the physical ravages to the facility due to Hurricanes Irma and Maria in 2017." 

No rent due for April month

As part of the economic response measure, eligible tenants renting concessions at the Cyril B. Romney TPP facility will pay no rent for April (100% discount) and a further 75% off rent in May and June. 

He noted that the move is part of a contribution to the national effort to ensure that the most vulnerable in the VI receive the necessary attention, with the SSB is the majority Preference Shareholder in the TPPL.

While expressing gratitude to the Chief Executive Officer (CEO) of TPPL, Mr Vance M Lewis, Hon Fahie said, "I am also appreciative to the TPPL Board for consenting to the rent obligation concessions to Tenants considering the shifting landscapes for conducting business."

He said the rent cuts will help businesses that need assistance, to get through the COVID-19 adjustment period.

9 Responses to “COVID-19 Stimulus: TPP slashes rents up to 100% for tenants”

  • shantel (06/06/2020, 11:40) Like (3) Dislike (8) Reply
    So when my rent getting slashed? asking for a friend
    • GG (06/06/2020, 19:56) Like (4) Dislike (3) Reply
      Every move the gov makes is now a stimulus. Shareholders are legally entitled to a dividend so gov has nothing to do with this. On the rents, if ppl were not paying them in the first place, it is easy to slash them. This one is almost as bad as when the premier says that collecting garbage was part of the stimulus.

      Can the gov come up with a REAL stimulus package that does not misuse our social security money? This study that the premier says was done on social security, can the ppl see it? social security is for old and sick ppl and the gov cannot take to pay ppl not working and make slush funds.
  • lmao (06/06/2020, 12:04) Like (4) Dislike (2) Reply
    Government shutdown the entire economy in April and Govt bragging about giving the tenants whose businesses were closed, rent free for that month? Wow
  • Ooo (06/06/2020, 12:34) Like (3) Dislike (3) Reply
    SO MY BUSINESS CLOSED FROM MARCH UP TO THIS WEEK AND I STILL HAVE TO PAY RENT WHAT FOR ME /?????




  • Local (06/06/2020, 13:28) Like (6) Dislike (3) Reply
    If rent slash 100% then the restaurant can lower his food price now and us the customers a break also take off 2 dollars from lunch .
    • tola (06/06/2020, 13:57) Like (3) Dislike (2) Reply
      Drop prices for local and not tourist price
      • Future tourist (06/06/2020, 20:03) Like (0) Dislike (1) Reply
        After spending a bundle of cash on airfare, hotel etc.... you want to gouge us more by only dropping prices for local only? Thank you very much in a sarcastic tone.
    • stupid (06/06/2020, 14:50) Like (1) Dislike (0) Reply
      April rent was free when everything was closed so why would that affect cost when its not even a benefit? Govt owns pier park and its govt who.closed business so how could they charge them? Read the fineprint
  • Really (06/06/2020, 18:48) Like (0) Dislike (2) Reply
    The tennants fro tpp are found to ne prevelage sime they owed huge amount of rent owed to the goverment and they still getting o break on rent
    ....what hapen to other business renring theuogj arw they getting a break too what good dor the goose good for the gander


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