Executive Director of the Barbados Manufacturers Association (BMA) Bobbi McKay (left) accepting the Partnership for Impact Award from Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss at the 60th anniversary Black and White Affair of the BIDC on Wednesday night at the Hilton Hotel Barbados.
By:
Patricia Thangaraj
Tenants of properties owned by the Barbados Investment and Development Corporation (BIDC) collectively owe that organisation almost $15 million in outstanding rent.
This was revealed by the Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss at the 60th anniversary Black and White Affair of the BIDC on Wednesday night at the Hilton Hotel Barbados.
He said that many persons like to think of this state owned entity as one that owns properties and demands rent, but this is not so. In fact, he has given the organisation the go ahead to rid themselves of some of the assets that are not reaping profits.
“I would also stress quickly that the BIDC is not just a landlord agency. Many people still like to associate the BIDC with charging rents and owning industrial estates. As a matter of fact, I have given the board the task of disposing of some of the non-performing assets of the entity as a way of shedding some of the burden and achieving a level of cash flow to keep you sustained and going and less dependent on the state.”
However, with that being said, he reminded those tenants to pay their rent because it is the rent that goes towards maintaining the very building in which they have their businesses and their valuable goods. He also pointed out that if they do not pay their rent, then it becomes difficult for them to maintain that structure.
“But I would also like to take the opportunity to remind those who are tenants that you have a duty to pay your rent and to pay so on time. Right now, I believe that the corporation is owned almost 15 million dollars in debt and I always say to those who complain when they get a letter of eviction or notice to pay or whatever that if you don’t pay your rent, the corporation may find it difficult to ensure the building in which you occupy and when you turn up the next morning and find that your place is been broken into, it is the same corporation that you are going to say, should have had security on the premises and when the toilet is not working well, it is the same staff in the BIDC that have to be paid to respond to these things. So we simply ask those who have their challenges to work with us,” he urged.
Furthermore, the BIDC also has their role to play in this collaboration. “Of course, the people organisation is then tasked to ensure that we know who’s who and I think that going forward, the BIDC has a duty to ensure that is has as close a working relationship with those enterprises in Barbados.”
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