MIDI Rejects Government’s Allegations Of ‘Failure To Abide By Contractual Obligation’
Following the Maltese government’s filing of a judicial protest against MIDI earlier this afternoon, the property developer company rejected the allegations in a statement.
The judicial protest referred to a proviso within the provision which states that if the delays persist for three years after March 2023, the government will be empowered to scrap the entire concession.
“The Company rejects these allegations in no uncertain terms and maintains that there is no valid legal basis for rescission nor the imposition of penalties. The relevant deed contains specific safeguards extending the development’s completion date,” MIDI plc wrote in a statement.
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MIDI went on to say that “the Company contends that a correct interpretation of the deed grants the Company an extension of at least 10 years and since the full development permit for Manoel Island has not to date been issued the time period for completion of the development remains, in terms of the deed, suspended.”
The statement by the property developers reiterated their position with regards to finding a solution with the government to implement the government’s stated objective for Manoel Island whilst safeguarding the company’s rights.
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