BVI News

TPP paying over $500K in dividends, offering major rent cuts to tenants

At a time when the COVID-19 crisis has brought massive shocks to the local economy, the board of the Tortola Pier Park is moving to payout more than half-a-million dollars in dividends to its shareholders and offering major concessions on rent to its tenants.

The dividends, which will be paid out by June 8, is for profits made in the 2018 financial year.

A total of $529,974 is being paid out. The Pier Park’s largest investor, the Social Security Board, is slated to collect $442,500 of that sum.

‘Eligible tenants’ also received a 100 percent discount on rent for the month of April and a further 75 percent discount for May and June.

CEO of the Pier Park Vance Lewis expressed appreciation to the TPP board for consenting to the rent obligation concessions “considering the shifting landscapes for conducting business”.

“As we navigate this fast-changing COVID-19 environment, we are pleased that we could be in a position to assist the Government of the Virgin Islands in their endeavour to ensure that the most vulnerable in our society receive the necessary attention by paying the 2018 dividends, recognizing that the BVI Social Security Board is the majority preference shareholder,” Lewis said.

Businesses located at the Pier Park largely depend on the patronage of visitors into the territory. However, these businesses have been majorly impacted since the COVID-19 pandemic caused a global shutdown of the tourism industry.

Tourism is considered the second-largest revenue-earner for the British Virgin Islands. The first is the financial services sector.

Copyright 2020 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.

24 Comments

Disclaimer: BVI News and its affiliated companies are not responsible for the content of comments posted or for anything arising out of use of the comments below or other interaction among the users.

  1. Snoppy says:

    ” 100 percent discount on rent for the month of April and a further 75 percent discount for May and June.”

    I want the same deal from my landlord (who is also a rich, prominent Tolan) since VIP killed my little busimess

    Like 12
    Dislike 8
  2. PeeWee says:

    Tourism is considered the second-largest revenue-earner for the British Virgin Islands. The first is the financial services sector.

    yes. and the 3rd is the local drug dealers – hahahah

    Like 15
    Dislike 3
    • backwards says:

      No FS is the largest revenue giver to the government maybe, tourisim brings in more money to the economy by far.

      Like 3
      Dislike 1
      • @backwards says:

        Incorporating a Company – $450 or $1,100 dependent on the number of shares a company can issue. This fee is due and payable each year per each company incorporated in the BVI.

        A number of Companies are incorporated each day.

        Apart from other filings, Certificates being requested, legal services being requested on a daily basis, staff payroll tax, social security, and NHI Financial Services brings in much more money.

        Do the math.

    • 2peeWee says:

      And the “king pins” among them, locally and internationally, if exposed, will shock the general public out of its shoes and socks, blow their mind and even cause some to temporarily lose consciousness.

      The mega millions being made and collected daily are not being collected by the nickle and dimer or scooter bike peddler on the street.

      The “big boys” are the most respected walking, praying, laughing and eating among us, and from the highest levels of society, professions and social class.

      You would never find the high end sex business person working out of an establishment down at Scatliffe’s alley, would you?

    • Local girl says:

      The operative words are LOCAL Drug Dealers.

  3. In the Red says:

    Only $500K for fiscal year 2018. The Pier ain’t making any substantial revenue

    Like 4
    Dislike 5
    • revenue says:

      If their dividends is over 500k then their revenue is greater. The dividends are a part of the profits. You said revenue which what they are actually bringing in that isn’t the 500k

    • @in the red says:

      If indeed they are saying dividends for 2018, this is commendable. If I recall the hurricanes were in 2017, and it took sometime for cruise ships to return. Therefore, if the Park was still profitable in light of us beginning our recovery then its a plus. Everything should be looked in the context things occur, rather than in generalities.

  4. And says:

    And so the rest of the Caribbean is now open for business as tourists are beginning to travel for vacation and the BVI remains locked down like a prison during rioting. Remember people under your present leader you are only at the halfway point. Another 3 months minimum without tourists. Can’t wait to see how you all feel about Foy in September. The economy will he shaking. Oh but wait. The Chinese are coming!!! Lmfao

    Like 10
    Dislike 11
  5. annudda2cents says:

    replying to “in the red”

    “ain’t making any substantial revenue”? you are reminded that the Pier Park opened in 2016 where most businesses were still not established, and we remember what happened in 2017 with the flooding and the two Cat-5 hurricanes. considering the infancy of the venture and the major business interuptions, i would say we ain’t do bad. now, I personally would like to know how it did last year 2019.

  6. A mere mention? says:

    When do you suppose the government will condescend to mention the word “tourism”?
    Considering the impact on the economy, you might think a reassuring word from the Premier or the Governor might be in order.
    Business owners and their employees need to be able to make plans (or figure out if they should close shop and give up).
    Instead – nothing – nada – zero – nix! Not a word. Like the corona virus, maybe it will go away if we ignore it?
    This isn’t like its spare change.

  7. Hmmmm says:

    With no ships expected until the end of the year if we get lucky, do the tenants out there have to pay full rent after June? As far as I can remember the rents were tied to the passenger load that was promised so without that I guess many businesses may fold.

    • Anonymous says:

      Just a ridiculous, selfish, unrealistic and self centered question.

      If shelter over head cannot be afforded, go live under a rock or build a shack in the hills. Or, relocate to another island/country wher abode and living expenses are in your income range.

      But the audicity of some to go in another man’s country with the self entitled notion that he is entitled to free or resuced rent pricing access to keeping a shelter over his head is unimaginable.

      Do you go Rite Way, Bobby’s or K’Mart and ask if you have to pay full price for their food items?

      Like 3
      Dislike 3
  8. Anonymous says:

    Because of inexperienced political acumen that we have gleefully, in the disguised notion of progress, elected over decades, who had no interest in developing political acumen or its accompanying intelligence, rather only personal hand me in an envelope economic personal bank account stimulus.

    Unfortunately those ideas, ideals and notions of improprieties are as rampant today as they were in the early foundational and political developmental days.

    Today, from all indications, the territory and its people are still living in the same hellhole and experiencing the same horrors.

  9. Anonymous says:

    I wonder how Marlon and other people feel about SSB investing “their retirement money” in the Pier Park. A bunch of hypocrites.

    Like 4
    Dislike 1
  10. Cyril B Romney says:

    Is it the TPP or the Cyril B Romney pier park what actually is the name, of so please change it on the books to reflect, don’t just adjust it for one thing and call it another

  11. yeah says:

    I WAS THINKING THE SAME THING

    • God is watching says:

      Same could have been done for essential workers who risked there lives through vivid 19 millions spent and none was given to them. God is watching

Leave a Comment

Shares