CEPEP ending $4.8M rental agreement, moving to state-owned property

Cabinet has approved a proposal to move CEPEP from its Chaguanas Headquarters to the to the administration building of the Sugar Manufacturing Company Ltd at Usine, Ste Madeleine. The move would save a substantial amount of money in rent and provide a more practical space for the company.

The former Manning PNM administration established the company more than 10 years ago and entered into a lease agreement to pay an annual rent of $4.8 million ($400,000 a month) for the building on Manic Street, Chaguanas.

However, CEPEP chairman Adesh Deonarine has been unhappy with the cost and the limitations of the buildings. He told local media Saturday, “We are paying an exorbitant rent so we have decided to save money by relocating to a government-owned building.” He said the relocation exercise would take about one month.

“It is a ridiculous rent which was agreed by the former administration. The three-storey building has no elevators and insufficient space,” Deonarine said.