Tumas Investments PLC has announced that it will still pay its bondholders who bought the latest issue for 3.75% bonds unsecured bonds maturing in 2027, despite losing the permit application for the Halland hotel site which is currently under construction. In 2022, the Planning authority had approved a ten-storey modification to its proposed construction of semi-detached dwellings in site which was contested by residents and NGOs and Court. the Court adjudicated in favour of the plaintiffs and you can find more details about the case here.
Tumas Group still benefitted from favoritism and irregular preferential treatment by the government and public authorities just as its CEO, Yorgen Fenech, is being charged in Court over the murder of a journalist. Now, it is up to the authorities to enforce the decision of the Court and remove the illegal construction. Tumas Group says that its bondholders won’t be affected by this loss.
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