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

How to profit from India’s high-tech recovery
Share tips

How to profit from India’s high-tech recovery

Professional investor David Cornell of the India Capital Growth Fund, selects three of his favourite Indian stocks to buy now.
27 Sep 2021
Share tips of the week – 24 September
Share tips

Share tips of the week – 24 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
24 Sep 2021
Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021

Most Popular

A nightmare 1970s scenario for investors is edging closer
Investment strategy

A nightmare 1970s scenario for investors is edging closer

Inflation need not be a worry unless it is driven by labour market shortages. Unfortunately, writes macroeconomist Philip Pilkington, that’s exactly w…
17 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021