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 gives up Manoel Island in late Sunday night announcement

—

by

Maltese Herald
in

In a surprise announcement posted yesterday on the website of the Malta Stock Exchange late at night, MIDI has announced it is giving up its Manoel Island concession to the government.

The announcement comes after massive public pressure and a change of position by the government, endorsing the public’s appeal to turn the islet into a public park.

MIDI does not have the capital to complete the project, is late on its development targets and has also failed to fulfill its contractual obligations.

Comments

5 responses to “MIDI gives up Manoel Island in late Sunday night announcement”

  1. D M Briffa avatar
    D M Briffa

    I think it’s too early to celebrate. What does “engage in constructive discussions” mean? I take it to mean that MIDI will expect to be compensated for loss of profit. I have no doubt it will want the tax payer to give it a sum far north of €100,000,000. Just wait and see.

    Reply
  2. 267 experts urge Government to transform Manoel Island into public nature reserve - The Maltese Herald avatar
    267 experts urge Government to transform Manoel Island into public nature reserve - The Maltese Herald

    […] reported earlier by The Maltese Herald, MIDI has announced it is surrendering its Manoel Island concession after failing to meet development targets and contractual obligations. This shift comes amid […]

    Reply
  3. Graffitti welcomes Manoel Island U-Turn; Calls for public park led by environmental entities - The Maltese Herald avatar
    Graffitti welcomes Manoel Island U-Turn; Calls for public park led by environmental entities - The Maltese Herald

    […] Graffitti has welcomed government and developer MIDI’s agreement to revisit the Manoel Island concession, calling it a major win for public interest and […]

    Reply
  4. 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

    […] has also announced that it is willing to give up its concession to the government and talks are […]

    Reply
  5. 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 […]

    Reply

Leave a Reply

Your email address will not be published.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