Our View: Kition Ocean Holdings cannot be trusted

The government, through no fault of its own, has been pushed into a tight corner by Kition Ocean Holdings, the company that has the contract for the development of Larnaca port and marina, estimated to cost €1.2bn. Despite its efforts to resolve the dispute, including a meeting at the presidential palace on April 15, Kition seems intent on making a bad situation worse.

At that meeting, it had undertaken to pay the €4.2m operation and management (O&M) guarantee for the port by April 23 and failed to do so.