MIDI denies breaking Manoel Island concession agreement 6i2x4u

MIDI plc has denied being in default of its obligations under the concession agreement for Manoel Island. 

The company issued a statement after Prime Minister Robert Abela said that government is analysing the concession contract for possible breaches.

The statement also comes after a sudden shift in attitude from the leaders of Malta’s political class on the issue.

While Prime Minister Robert Abela announced Labour backbencher Edward Zammit Lewis and PL President Alex Sciberras have been roped in to analyse the concession for possible breaches.

Late on Wednesday, MIDI claimed that it is in full compliance with all contractual and legal requirements and remains committed to the delivery of the controversial project.

The company stated that it is open to any scrutiny or review by authorities, adding that it is “confident that any objective review of the facts and the contractual framework will confirm that it has acted in accordance with the provisions of the Deed and there are no grounds for rescission.”

MIDI stressed that the 2000 concession contract is legally binding, reminding that it was unanimously approved by both sides of parliament. 

“The Company’s rights and obligations under the Deed are protected by law, and MIDI plc will continue to uphold its responsibilities in good faith.”

The company also drew attention to express provisions within the contract that it claims automatically extend time periods for the completion of development. 

MIDI repeated that its revised masterplan earmarks 80% of the Manoel Island concession for public open spaces and heritage buildings. The company said that it is amenable to discuss further improvements with the government, “bearing in mind the interests of its bondholders and shareholders as well as its other obligations.”