Larnaca Marina Faces Significant Risk Of Failure

In an exclusive interview with Phileleftheros, Kition Ocean Holdings CEO Oliver Corlette blames the government for the impasse threatening the €1.2 billion Larnaca port and marina project. The company admits for the first time that the project is “at serious risk of failure,” indicating that unresolved issues may end up in court.

Corlette emphasizes the company’s commitment to the project, detailing the €30 million investment to date and the changes needed to make the project viable. He urges the government to engage in dialogue, criticizing them for collecting fees without performing work and refusing to discuss the O&M guarantee dispute.

Kition is ready to start construction in June but faces government delays. Corlette stresses the importance of government cooperation, warning that the project’s failure would be a significant loss for Cyprus. Despite the challenges, Kition is prepared to invest €60 million in infrastructure and €45 million in marina and port works before real estate development.

The company has requested changes to the project plan, but government inaction has caused delays. Kition insists these changes are within the agreement and beneficial to both parties. The government’s refusal to meet has forced Kition to seek court intervention.

Corlette refutes concerns about financial capability, highlighting the majority shareholder’s robust financial position. He criticizes the government’s consideration of terminating the agreement, calling for a short meeting to resolve the guarantee dispute.

If negotiations fail, Kition may resort to legal action but remains hopeful for a resolution. Corlette also addresses the exclusion of Larnaca from this year’s maritime connection with Greece and the impact of the Middle East crisis on cruise ship cancellations.

 

Source: Cyprus Property News

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