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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
-
Shein shifts IPO focus to Hong KongThe development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon
