Advertisement
The Maltese Herald
APS : 0.57 AXR : 0.41 BMIT : 0.35 BOV : 1.74 CVS : 1.00 FIM : 0.16 GHM : 0.87 GO : 2.70 HLI : 0.23 HRV : 0.97 HSB : 1.36 IHI : 0.45 LOM : 0.80 LQS : 0.19 LSI : 0.49 LSR : 1.00 MDI : 0.25 MDS : 0.45 MIA : 5.95 MLT : 0.55 MMS : 1.32 MPC : 0.35 MSC : 0.33 MTP : 0.47 MZ : 0.58 PG : 1.89 PZC : 0.63 RS2 : 0.52 RS2P : 0.60 SFC : 6.70 STS : 1.25 TML : 1.00 TRI : 1.12 VBL : 0.20
Culture News Sports
The Maltese Herald

MIDI risks losing the right to its Manoel Island concession if it doesn’t complete the project by next year

—

by

Mark Camilleri
in

MIDI risks losing its right to its concession of Manoel Island and also of Tigne Point after it has failed to complete the project within its time-frame by the end of March 2023. MIDI is supposed to be paying fines to the government after it has failed to meet its development obligations.

In addition, MIDI needs to complete its whole project at Manoel Island by the end of March 2026 before the government has the right to re-claim the property back and cancel the deed.

Environmental groups state that the government has enough executive power and legal legitimacy to rescind the contract over MIDI’s failure to uphold its development obligations. The Prime Minister has said that he is considering various options.

MIDI doesn’t have the cash to go ahead with its Manoel Island project and is also heavily indebted.

You can read the full contract between the government and MIDI signed on June 15th, 2000, here.

Comments

5 responses to “MIDI risks losing the right to its Manoel Island concession if it doesn’t complete the project by next year”

  1. Opposition Leader Bernard Grech changes position on Manoel Island - The Maltese Herald avatar
    Opposition Leader Bernard Grech changes position on Manoel Island - The Maltese Herald

    […] to MIDI in 2000, MIDI has failed to complete its project with the provided timelines and risks losing the deed to Manoel Island. MIDI also doesn’t have the cash available to complete its […]

    Reply
  2. MIDI: decades of lies and false pretenses - The Maltese Herald avatar
    MIDI: decades of lies and false pretenses - The Maltese Herald

    […] capital to fulfill its contractual obligations to complete its project at Manoel Island. MIDI also risks losing the right to the deed since it hasn’t met the contractual deadlines of the project and the final deadline is next […]

    Reply
  3. The government's judicial protest against MIDI states that a full contract cancellation is in the offing - The Maltese Herald avatar
    The government's judicial protest against MIDI states that a full contract cancellation is in the offing - The Maltese Herald

    […] You can access the government’s contract with MIDI here. […]

    Reply
  4. Prime Minister promises green and national park in Manoel Island - The Maltese Herald avatar
    Prime Minister promises green and national park in Manoel Island - The Maltese Herald

    […] in a surprise announcement, MIDI also announced its intention to give up the concession. MIDI failed to fulfill its development obligations in Manoel Island and was also supposed to penalties due to these […]

    Reply
  5. Labour government bails-out MIDI with up to €50 million - The Maltese Herald avatar
    Labour government bails-out MIDI with up to €50 million - The Maltese Herald

    […] Island. MIDI has violated its contractual obligations over Manoel Island and is legally bound to lose its rights over the property. MIDI is also in deep financial problems, is desperate for liquidity and have ben recently selling […]

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *