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SEABED DEVELOPERS WARNED OF PENALTY FEES

169R/07
Contact:        Sachkia Barnes – Information Officer I
Telephone:   468-3701 ext: 3323
E-mail:           [email protected]

 
SEABED DEVELOPERS WARNED OF PENALTY FEES
Tuesday, May 8 – The Ministry of Natural Resources and Labour is urging all seabed developers to adhere to the payment conditions set forth in their approval letters, licenses and leases for developments.

Permanent Secretary in the Ministry of Natural Resources and Labour Mrs. Josephine Callwood said all past due and current fees for moorings, reclamation and jetty developments should be paid immediately.

“Timely payments keep developers’ seabed accounts in good standing. Over the years we have been experiencing late payments from developers and this must be discouraged,” she said.

Quoting the Registered Land Act of 1970, Mrs. Callwood said, “Lessees who fall in arrears for more than 30 days from the payment due date are subject to a penalty charge of two percent interest above the current market rate.”

 Fees that are due this year include reclamations and subleases, jetties and moorings payments which are due on January 1, March 1 and April 1 respectively.

Developers are strongly encouraged to settle outstanding and current charges by visiting the Ministry of Natural Resources and Labour at the Central Administration Complex in the east atrium on the second floor.  The office is open from 8:30 a.m. to 4:30 p.m., Monday through Friday.  However, fee collection ends at 3:30pm daily.

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Note to Editors:

Seabed developers are private and commercial persons or companies building on the seabed, through reclamations, the erection of jetties or installation of moorings. The seabed is the property of the Crown and persons wishing to develop the seabed are required to request permission, obtain approval and execute leases and or licences by Government.

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