The Labour government is bailing out MIDI to the tune of up to €50 million in order to take back Manoel 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 off assets to cover its mountain of debts.
Note that the sum is also equivalent to the upcoming bond payment they need to make in July, so effectively the government is also bailing-out bond-holders.
The Prime Minister has been bragging that he is taking back the island after a widescale national campaign prompted him to take action, but he is effectively buying back the lease.
The government is appeasing MIDI by paying them up to €50 million to take back the public property despite the contractual violations and the decrepit financial state of the company.
MIDI has effectively crashed its own project, which it received for free in the form of public land and then went to on to cash out €50 million from the public treasury to cover its losses.
It’s insane what’s going on in our country right now. This level of incompetence, recklessness and corruption is unprecedented and Labour keeps hitting new lows as time passes.
Website Editor
Historian and Publisher
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