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12° Nicosia,
21 June, 2024
 
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Vafeadis: ''Government had no choice but to terminate the contract''

President's personal intervention and multiple chances given to company fail to prevent contract termination

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In a significant announcement, Cyprus’ Minister of Transport, Communications, and Works, Alexis Vafeades, declared that the government had no choice but to terminate the contract with Kition Ocean Holdings Ltd, tasked with the redevelopment and operation of the Larnaca Port and Marina area.

Addressing reporters at an event in Nicosia, Vafeades clarified that the decision stemmed from legal advice provided by the Law Office, asserting that the government meticulously adhered to the contractual procedure. He emphasized the legality of their actions and expressed readiness to address any opposing perspectives from the company.

Vafeades revealed the government’s extensive efforts over the past four months to salvage the agreement, highlighting the company CEO's expressed willingness to purchase shares from other stakeholders. However, despite verbal commitments, no formal documentation was presented to substantiate these intentions, prompting government scrutiny.

Despite ongoing discussions and even a meeting with the President, during which the company pledged to provide a letter of guarantee, Vafeades lamented the lack of follow-through on commitments. Recognizing the importance of public interest, he underscored the necessity of terminating the contract in the absence of concrete assurances from Kition Ocean Holdings.

Acknowledging the possibility of a probe into the matter, Vafeades emphasized the importance of assessing past events to rectify any errors and prevent similar issues in the future. He reiterated the government's commitment to transparency and accountability in contractual agreements.

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