The Kadavu Holdings Limited said it is now under immense pressure as the interim government now wants its rental term for Kadavu House to be reduced from 20 to about 5 years.
Company Manager, Ratu Sela Nanovo said to add to this the interim government is also demanding the rental rate to be reduced from $25 per square foot to $14 per square foot.
Ratu Sela said with another $710,000 owed by the interim government in rent arrears for Kadavu House, Kadavu Holdings Limited is seriously concerned as it has been defaulting its loan repayments since January this year.
Ratu Sela also said no lending institution would allow them to continue with their loan if the secured tenancy for 20 years agreed to by the government is reduced to about 5 years.
Kadavu Holdings Limited has today confirmed that the interim government now owes them over 710 thousand dollars in rent for Kadavu House.
While the contract was signed last year between the government and Kadavu Holdings, Kadavu House located in the heart of Suva remains empty due to the dispute over the level of rent agreed to between the two parties.
However Kadavu Holdings Manager, Ratu Sela Nanovo said the agreement was signed and the Interim Attorney General, Aiyaz Sayed-Khaiyum who was assigned by the Interim PM to look into the matter, is allegedly delaying the whole process including the rent payment.
When contacted in Singapore, Interim Attorney General, Aiyaz Sayed-Khaiyum said the Interim Prime Minister who is the Minister for Public Service will deal with the issue in due course.
Interim Govt Wants Kadavu House Rental Reduced
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