The Larnaca Port and Marina redevelopment project could face years of delays due to legal hurdles, according to Auditor General Odysseas Michaelides.
During a meeting with the House Transport Committee on Friday, Michaelides highlighted the time-consuming nature of legal procedures, potentially stalling progress for several years.
The Law Office echoed this assessment, acknowledging the lengthy legal processes involved.
However, a Ports Authority representative proposed the state, through the Ports Authority itself, undertake the redevelopment, potentially bypassing the legal roadblocks. This approach could significantly shorten the project’s timeline.
The estimated cost of €200 million is considered manageable by the Ports Authority. However, a political decision is required to initiate this alternative plan.
The Authority noted it seeks to avoid a scenario where a new investor might disrupt work completed under their management, leading to further delays.
The Cypriot government terminated its agreement with Kition Ocean Holdings, for the 1.2 billion euro redevelopment project, due to the company’s alleged failure to renew a financial guarantee. Kition disputed this termination, claiming it was illegal.
The termination threw the employment status of 87 Kition employees into uncertainty.
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