SBMA takes back Grande Island in Subic Bay due to lease violations
SUBIC BAY FREEPORT, Philippines — Grande Island has been repossessed by the Subic Bay Metropolitan Authority (SBMA) following the pre-termination of its lease with GFTG Holdings Corp., an SBMA official confirmed on Tuesday. Lawyer Melvin Varias, SBMA deputy administrator for legal affairs, said the takeover stemmed from the SBMA Board’s October decision to cancel GFTG’s lease for failure to meet development obligations. A notice of pre-termination was served, giving the company 60 days to vacate the property. The notice of repossession was issued on Jan. 5, and the actual takeover took place on Jan. 9, Varias said, noting the schedule […]...Keep on reading: SBMA takes back Grande Island in Subic Bay due to lease violations
