Larnaka marina and port construction company Kition Ocean Holdings said that Government’s notice of termination of the concession agreement, is in breach of the terms of the agreement.

In an announcement released today, the company says that this morning, at the same time when they were appearing in court to seek the performance of the agreement, the Government sent a notice of termination of the agreement.

“We have been advised by our legal team, that the notice is in breach of the terms of the agreement, and we are examining our legal options” the company notes.

The company appears “surprised by the disregard for the court process, as would be expected by a state” and recalls that it applied to the Court two months ago “to force the government to follow their own agreement and to meet and solve the disputes in line with the agreement.”

According to the company “the Government’s behaviour undermines the rule of law that should exist to protect investors.”

Kition Ocean Holdings (Kition) has always acted in accordance with the agreement and the law and was always willing to proceed with the project and tried to solve the disputes with the government in a constructive way, the company concludes.