Cyprus Mail 27 May 2024 - by Andria Kades
The multibillion Larnaca port and marina project was scrapped on Monday amid rifts between both parties.
The government moved to terminate the deal after the legal service opined Kition Ocean Holdings was in breach of contract.
The government, Transport Minister Alexis Vafeades said, was left with no choice but to terminate the contract.
The project will now only be able to move forward with a new tender.
Vafeades said Kition had been sent four written warnings and had committed to President Nikos Christodoulides that they would pay an outstanding amount of the guarantee.
Last month, he had threatened legal action after Kition Ocean Holdings had failed to pay its guarantee payment.
“Even though they said they would, to this day the guarantee has not been paid,” Vafeades said.
The government, Vafeades said, would continue to operate the port without any interruption of services.
Vafeades will be in Larnaca on Friday to speak to the mayor and local communities.
