NASSAU, BAHAMAS – Bahamas Agricultural & Industrial Corporation (BAIC) executive chairman Gregory Collie said the corporation will resort to legal action if delinquent tenants refuse to settle their arrears.
Collie revealed that in some instances tenants had vacated the industrial park owing in excess of half a million dollars.
In an interview with Eyewitness News, Collie noted that some of the tenant delinquencies faced by the corporation is legacy debt.
“We have quite a bit of tenant delinquencies,” said Collie.
“Some of it is legacy debt. We have tenants who have left the park owing in excess of $500,000. We have made a determination that we are going to pursue those individuals who have an outstanding debt to BAIC.”
He said: “In addition we have a lot of tenants who have been issues letters in principle as they are occupying BAIC land. Some of them are paying and some of them are not paying but have utilized the land. Some of them have even gone ahead and built buildings on BAIC land without having the proper leases in place.”
Th chairman noted that BAIC intends to address the delinquency as well as those persons who lack proper leases.
“We intended to address the delinquencies and we also intend to address those issues where persons have letters of principle and do not have the proper leases. We are encouraging those who are aware that they have a letter in principle and don’t have a valid lease to contact BAIC so we can formalize those leases and collect on those outstanding delinquencies or they can make arrangement to pay it,” said Collie.
He added: “With regards to those who have been contacted to pay and refuse to pay we are going to use legal methods to collect but we would rather they come in voluntarily to settle their arrears without the corporation having to resort to legal action.”