A solution to resolve the deadlock between the state and the company regarding the mammoth investment of €1.2 billion in Larnaca marina and port seems to have been found during a meeting at the presidential palace under Nikos Christodoulides, attended by officials from Kition Ocean Holdings and the Mayor of Larnaca.
According to information from philenews, President Christodoulides told the company that the government is ready to discuss the requests it has made, provided that a guarantee for the Larnaca port is renewed.
The non-renewal of the guarantee, the President indicated, constitutes a breach of a fundamental term of the contract, preventing the state from sitting at the negotiation table.
In statements to our website, the Mayor of Larnaca said that following the President’s announcement that the company’s requests would be discussed, they committed to renewing the guarantee and expressed readiness to start works on the marina and port in June.
“We await the company’s commitment to the guarantee and the projects stipulated in the contract,” said Mr. Vyras, noting that he highlighted the city’s red lines for the significant investment during the meeting.
It should be noted that the company has appealed to the judiciary regarding the amount of the guarantee for the Larnaca port, arguing that it should not be €10 million as estimated by the state.
During the meeting at the Presidential Palace, it was decided to deposit a guarantee of €4.2 million, as per the company’s estimates, and to activate the mechanism provided to resolve the dispute.
