Kition Ocean Holdings‘ major investment project for Larnaca’s port and marina has been officially terminated by the Cypriot government.
According to philenews, the government acted on the advice of the Law Office, which viewed Kition’s refusal to renew the guarantee for Larnaca port as a breach of a critical contractual term.
This refusal is said to have caused a rift between the two parties.
The government has prepared a termination letter to formally end the project.
It is noted that a meeting was scheduled for noon with the company to discuss the smooth transition of the port and marina to the state. However, according to sources, the meeting was postponed due to the company’s fault.
A meeting will also be held with the Law Office today to decide on the next steps, given that if the company refuses to hand over the port and marina, a relevant decree must be obtained from the Court.
It is reminded that the rift in the relationship between the two sides came about following the company’s refusal to renew the guarantee for Larnaca port, which, according to the Law Office, constitutes a breach of an essential term of the contract.
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