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Manoel Island deal between MIDI and Tumas dropped

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MIDI p.l.c. has announced that discussions with the Tumas Group Company Ltd, in connection with the possibility of establishing a joint venture with respect to the  development of Manoel Island, have ceased.

In a company statement, Midi p.l.c said that the decision came about through mutual agreement.

“The Company remains fully committed to the Manoel Island project and the development works will commence once the required planning permits are issued. “

“The Company will keep the market updated with any developments as they arise in accordance with  its regulatory obligations. “

Past reports read that the deal was allegedly meant to be worth around €100 million.

This move comes in the wake of the arrest of former Tumas Group Director Yorgen Fenech, in connection to the assassination of journalist Daphne Caruana Galizia. Fenech was charged last week.

The Manoel Island development project has been a controversial one, with objectors arguing that the construction on the island will lead to overdevelopment, among other things.

Original article found on The Malta Independent

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