Pier Park pays over $500K in dividends to 68 shareholders
The Cyril B Romney Tortola Pier Park Ltd (TPPL) has announced that some 68 shareholders will be receiving dividend cheques for amounts accrued in 2022.
A statement from TPPL said dividends have been approved by the TPPL Board in the amount of $511,232. The largest investor — which is the BVI Social Security Board — will be receiving $442,500.
The Tortola Pier Park is a major development in the BVI, which consists of an enhanced cruise pier and a five-acre landside shopping facility. The shopping centre consists of over 60 stores, including retail, service providers, commercial spaces and office space.
Though the development stands as a major achievement of the previous NDP government, it was the source of much controversy while it was under construction, because it was slated to be built for $50 million but allegedly ran over budget by more than $30 million.
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Why couldn’t some of that money be used to pay for the storm shutters for the vendor stands govt paid $1.7miillion for instead of putting out an RFP?
Bro… that is money owed to people who bought shares in the Pier Park years ago. They funded its development and this is THEIR due, not public funds. Let Government stop wasting money on vanity projects and spend it otherwise on needed items.
Welcome to the BVI folks where only 1% of the population get paid whilst the rest have to pay taxes and work for every dollar. I think that I will hold off on any spending at the Pier Park for the rest of this year
Wow! Couldn’t some ofthat money be use for other development on the premises
Where is the payment for the design, development and berthing agreements i secured for the project. I owned 20% of the project until Government forced us out. Glad shareholders are getting paid, even though they didn’t earn their shares.
Over work and Under pay your staff, Run the place cheap. Make the greedy selfish Share holders happy and you are the Hero manager that has a job forever. That’s a legacy and won’t want to have..
Good to see that SSB is getting our money back via a return on their investment. Question is how much was their initial investment and how much have they managed to recover so far on their investment? Also the other 67 investors could get $1025 pp and maybe less if some of those investors have preferential shares. $ 1025 /1 year seems very little. They will take years before they recover their investment and start to profit.
Good to see that SSB is getting our money back via a return on their investment. Question is how much was their initial investment and how much have they managed to recover so far on their investment? Also the other 67 investors could get $1025.85 pp and maybe less if some of those investors have preferential shares. $ 1025.85 /1 year seems very little. They will take years before they recover their investment and start to profit.
“Where is the payment for the design, development and berthing agreements i secured for the project.”
Typical screwing over with no rectification. This type of situation is why its hard to go out of your way when people regularly get spit on at the end of the day.