The Finance Ministry has now confirmed that some rental rates that the government is paying for occupying certain buildings are way above market rental rates.
Interim Finance Minister Mahendra Chaudhry said steps are now being taken to fix the problem as rental rates could be much lower for some buildings.
Earlier this week, the interim administration terminated the 20 year tenancy agreement for the newly constructed Kadavu House.
It has been confirmed yesterday the interim government gave notice under the tenancy agreement to end the tenancy from 1st January this year. Kadavu Holdings confirmed that under the agreement the interim government will pay outstanding rent for January to June 2008 which amounts to almost $1M.
The 20 year agreement stated that the rent to be paid by the government would be $25 per square foot. However, the interim government wanted the rental to be reduced to $14 per square foot.
Rental Rates High: Finance Ministry
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