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Kition Ocean Holdings has accused the Cypriot government of breaching the terms of their concession agreement for the Larnaca marina and port redevelopment. In a statement released today, the company contended that the government's notice of termination, issued this morning, violates the contract.
"At the same time we were in court seeking enforcement of the agreement, the government sent us a termination notice," Kition Ocean Holdings said. The company, which is pursuing legal action to compel the government to adhere to the agreement, criticized the timing of the notice and questioned the government's respect for the judicial process.
Kition Ocean Holdings asserted that their legal advisors believe the termination notice breaches the agreement. "We are examining our legal options," the company stated, expressing surprise at what they view as the government's disregard for the court proceedings.
Two months ago, Kition Ocean Holdings initiated legal action to compel the government to adhere to the dispute resolution terms outlined in the agreement. "The government's behavior undermines the rule of law that should exist to protect investors," the company argued.
Kition Ocean Holdings maintained that it has always acted in accordance with the agreement and the law, demonstrating a willingness to proceed with the project and resolve disputes constructively. "We have consistently tried to solve the disputes with the government in a constructive way," the statement concluded.
[With information from CNA]
