Minoan Group responds to appeal against its Crete resort project

Minoan Group said on Monday its development of a five-star resort in Crete is being backed by the Greek Government despite an appeal against its grant for fast track status.

Minoan Group said on Monday its development of a five-star resort in Crete is being backed by the Greek Government despite an appeal against its grant for fast track status.

The travel and leisure company said it has received support from the government along with the local municipality and Crete residents.

However, undisclosed individuals have appealed against the government's award for fast track status - which declares the project a strategic investment.

The appeals hearing has been set for April 5th at Greece's Council of State.

"The company is pleased with the fact that the hearing date has been set so early," Minoan said in a statement.

The group has assured the legal proceedings would not delay the permitting process. Minoan will continue to prepare the relevant environmental studies for submission to authorities

Greece's Deputy Minister of Development Notis Mitarakis reiterated that the project was a strategic investment for the country's economy.

"The fast track inter-ministerial decision was reached after having evaluated all necessary parameters of the project prior to the award of fast track status," he said.

"We feel confident for our decision, we will stand by it and we would anticipate a speedy resolution of the appeal."

Christopher Egleton, Chairman of Minoan, said the project will create 1,200 direct jobs and boost tourism in Greece.

It is will also meet high environmental standards, he said, and the board will continue work to bring the project to fruition.

"The personal views expressed by the individuals in appealing against the inter-ministerial decision to consider the project as a strategic investment [fast track] will be judged by the court."

Shares rose 5.17% to 7.62p at 10:19 Monday.

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Oil producers are back at their Covid-19 lows – is it time to buy?
Oil

Oil producers are back at their Covid-19 lows – is it time to buy?

With demand for oil hammered by Covid-19 and talk of “peak oil demand”, there are lots of good reasons to be bearish on oil producers. So, asks John S…
22 Sep 2020
The rising dollar is proving bad news for most other assets – will it last?
Investment strategy

The rising dollar is proving bad news for most other assets – will it last?

Precious metals, stocks and pretty much every other asset has taken a tumble as the US dollar strengthens. Dominic Frisby looks at how long this trend…
23 Sep 2020
Why you should stuff your end-of-pandemic portfolio with Chinese stocks
China stockmarkets

Why you should stuff your end-of-pandemic portfolio with Chinese stocks

For an end-of-pandemic portfolio, you need assets that can cope with today’s volatility. And that, says Merryn Somerset Webb, means Chinese stocks.
14 Sep 2020