Tumas Group will no longer be involved in the ongoing development of Manoel Island and have officially stopped a €100 buyout of the island from MIDI plc.

In a joint statement, the two companies announced that “by mutual agreement, the discussions between the parties in relation to Manoel Island have ceased”.

The announcement comes after Yorgen Fenech, the Tumas Group magnate, was arrested and charged in connection with the murder of Daphne Caruana Galizia. In the fallout since his arrest, directorship of multiple Tumas Group companies have changed hands and Fenech’s brother has since taken control of the €350 million in company assets.

MIDI said it remained “fully committed to the Manoel Island project and the development works will commence once the required planning permits are issued”.

Plans for the Tums Group to pay €100 million for the transfer of MIDI’s shares leading to the Group acquiring 60% of a new shareholding company in a joint venture will now have to be scrapped.

MIDI’s Manoel Island project has been mired in controversy for years, with protestors literally breaking into the place to access the public foreshore in recent times.

The project, which aims to turn the Gżira island into a high-end destination, is set to cost around €500 million.

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