Issue link: https://maltatoday.uberflip.com/i/1537233
4 maltatoday | SUNDAY • 6 JULY 2025 NEWS hWdK&EEKhEDEdK&>>&KZWZK:dWZKWK^>^hEZ dŚĞƵƌŽƉĞĂŶDĂƌŝƚŝŵĞ&ŝƐŚĞƌŝĞƐĂŶĚƋƵĂĐƵůƚƵƌĞ&ƵŶĚϮϬϮϭͲϮϬϮϳ dŚĞDŝŶŝƐƚƌLJƌĞƐƉŽŶƐŝďůĞĨŽƌƵƌŽƉĞĂŶ&ƵŶĚƐǁŽƵůĚůŝŬĞƚŽĂŶŶŽƵŶĐĞƚŚĂƚŝƚŝƐůĂƵŶĐŚŝŶŐĂĐĂůůĨŽƌƉƌŽũĞĐƚ ƉƌŽƉŽƐĂůƐŝŶƚŚĞĨŽůůŽǁŝŶŐĂƌĞĂ͗^ƉĞĐŝĨŝĐKďũĞĐƚŝǀĞϭ͘ϮͲ/ŶĐƌĞĂƐŝŶŐĞŶĞƌŐLJĞĨĨŝĐŝĞŶĐLJĂŶĚƌĞĚƵĐŝŶŐK Ϯ ĞŵŝƐƐŝŽŶƐƚŚƌŽƵŐŚƚŚĞƌĞƉůĂĐĞŵĞŶƚŽƌŵŽĚĞƌŶŝƐĂƚŝŽŶŽĨĞŶŐŝŶĞƐŽĨĨŝƐŚŝŶŐǀĞƐƐĞůƐ͘ dŚŝƐĐĂůůƐŚĂůůďĞŽƉĞŶƚŽD&ĂŶĚD&ůŝĐĞŶƐĞĚĨŝƐŚĞƌƐĂŶĚƐŚĂůůƐƉĞĐŝĨŝĐĂůůLJĨŽĐƵƐŽŶƚŚĞƌĞƉůĂĐĞŵĞŶƚ ŽƌŵŽĚĞƌŶŝƐĂƚŝŽŶŽĨĨŝƐŚŝŶŐǀĞƐƐĞůƐĞŶŐŝŶĞƐǁŝƚŚƚŚĞĂŝŵƚŽŝŶĐƌĞĂƐĞĚĞĐĂƌďŽŶŝƐĂƚŝŽŶŝŶƚŚĞƐĞĐƚŽƌ͘LJ ŝŶǀĞƐƚŝŶŐŝŶŵŽƌĞŵŽĚĞƌŶƚĞĐŚŶŽůŽŐLJ͕ƚŚĞƌĞĚƵĐƚŝŽŶŽĨĐĂƌďŽŶĞŵŝƐƐŝŽŶƐƐŚĂůůďĞĚŝƌĞĐƚůLJĂĨĨĞĐƚĞĚ͕ŚĞŶĐĞ increasing Malta's efforts towards the promotion of a cleaner environment. 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The talks concern the rescis- sion of the concession agree- ment granted to MIDI, the re- turn of Manoel Island back to public ownership and any com- pensation due. A schedule of talks between the government and MIDI plc "is still being prepared", a spokesperson for the prime minister told MaltaToday, add- ing "no further talks" have been held since the June meeting. The talks are intended to reach an out of court settlement thus avoiding years of litigation. But the settlement is criti- cal for the company to be able to fulfil its obligations towards bondholders when a €50 million bond reaches maturity in July 2026. Manoel Island hit the national agenda after petitioners collect- ed 29,000 signatures asking the government take back the island and turn it into a public park. Prime Minister Robert Abela held meetings with the petition- ers and the association repre- senting retail shareholders and bondholders in MIDI plc, who expressed concern over their investment in the company in light of the developments. On 11 June Abela met representa- tives of MIDI. The prime minister's spokes- person described these meetings as "constructive" and "positive". "These discussions were posi- tive and centred on a thorough review of the entire situation, with a clear focus on serving the national interest," the spokes- person said, adding the govern- ment has filed a judicial letter to "protect the interests of the Maltese and Gozitan people". However, when asked whether follow-up meetings were held with MIDI plc to chart a way forward, the spokesperson con- firmed that no such discussions were held yet. When asked about progress in the talks with government, a spokesperson for MIDI said the company was bound by con- fidentiality. "We cannot com- ment on the matter since we are bound by confidentiality," the company spokesperson said. Bond redemption depends on settlement In a company announcement on 24 June, MIDI plc said the company's strategy was to re- finance a portion of its out- standing bond through a new bank loan. The rest of the bond repayment would have been fi- nanced by the company's inter- nal resources. But the company said the bank loan was subject to continued progress of the Manoel Island project, including the introduc- tion of a strategic investor. Given the government's dec- larations that it wanted to take back Manoel Island and turn it into a national park, MIDI said the project and the introduction of a strategic investor could "no longer be pursued". "In light of the new circum- stances, this strategy is under review and will be influenced by the outcome of the ongoing dis- cussions with the government. However, it is the company's intention that compensation re- ceived from the termination of the Manoel Island concession will be firstly applied to meet the company's repayment ob- ligations under the bond," the company announcement had said. The petition and a U-turn The petition fronted by Movi- ment Graffitti and Flimkien għal Ambjent Aħjar focussed on the contractual deadline the com- pany has to ensure the project is "substantially complete" by March next year. MIDI will not meet the dead- line and had been negotiating an extension based on the de- lays in the planning process and archaeological excavations. The contract justifies an extension if the delays are outside the com- pany's control. However, after first citing con- tractual obligations that pre- vented the government from taking back Manoel Island, Prime Minister Robert Abela did a U-turn and embraced the arguments of the petitioners. Abela also accused the com- pany of breaching contractual obligations, something MIDI has denied outright. Nonethe- less, the company said it would not pursue its investment on Manoel Island in light of the government's changed position and expressed willingness to ne- gotiate a settlement by which it would be compensated for the works it has already done, such as the restoration of Fort Ma- noel. Meanwhile, the prime minis- ter's spokesperson told Malta- Today: "The Prime Minister ful- ly recognises the strong public sentiment surrounding this is- sue. He reaffirmed his commit- ment to doing everything in his power to ensure that Manoel Is- land, irresponsibly handed over to the developers back in 2000, is returned to the people." KURT SANSONE ksansone@mediatoday.com.mt