The National Industrial and Commercial Investments Limited (NICIL) has taken possession of the property that houses Caricom Cement Factory after the accumulation of more than $100 million in owed rent.
NICIL Chief Executive Officer (CEO) Horace James said the owner of the factory, which is located in Berbice, has since filed a court action over the decision.
“Because of non-payment [of rent], NICIL has terminated the contract and we are in possession of the property and that is the situation,” James told Stabroek News before informing that the owed rent was for a period that exceeded two years.
