Pafilia Developers pull out of interest for Paphos Marina

» » Pafilia Developers pull out of interest for Paphos Marina

New data is generated by the announcement by Pafilia that it withdraws its interest in the construction of the marina in Paphos. According to her announcement, her interest was withdrawn because the endless court proceedings discouraged, as he mentions, the interested investor, who, like Pafilia, kept the capital that was required as proof of their health for a year. He also states that for more than ten years the company has been fully consistent with its obligations stemming from the terms of the tender, as well as the recent requirements on the part of the mariners management committee.

However, as he adds, “the prolonged uncertainty that is not due to the company but the continuing delay in making a final decision to award the tender, unfortunately has discouraged the investor concerned from investing in the project, which, like our company, maintains the capital that is required to prove economic strength for a year has been blocked, with no indication of the completion of the whole process. ” Taking into consideration the above, and mainly in the interest of the province of Paphos and its residents, but also the wider economy of Cyprus, the company considers that it would be preferable for the tender for the construction of the marina to be re-announced. We believe, the company says, “a new open process, which will respond to new market conditions, will make the project more attractive and attract many investors with certainty.”

The last episode about the Pafos marina took place about 4 months ago when the Supreme Court ruled that the management committee was illegal and its decisions void. A new Management Committee was then appointed, which decided to continue the process from the point that the previous committee left, which had outsourced the project to Pafilia. However, there was an appeal from Poseidon as the decision of the new management committee was considered paradoxical and the court decided not to proceed if the appeal had not been considered before. The case was set for review on 12 November

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