Cyprus remains a prime destination for investors eyeing lucrative deals in the real estate sector, as the island offers a variety of investment opportunities for both local and foreign investors, according to a leading real estate company. The biggest opportunity at the moment is on the south east coast, in Larnaca, as the government moves … Read more
The Cyprus government has scrapped a €1.2 billion concession for the development of the Larnaca marina and port, leading to questions about the financial viability of public contracts and the administration’s cash flow.
Workers hired by Kition Ocean Holdings do not need to be concerned about the future of their employment as the government is committed to keeping the project going. The government terminated its agreement with Kition Ocean Holdings due to their failure to pay the financial guarantee. The port authority has the capability to take on the project. Workers who were fired by Kition Ocean Holdings will transition their employment to the Larnaca and Famagusta District Development Agency.
![Larnaca Port workers protest job uncertainty after Kition collapse [PHOTOS+VIDEO]](https://ch.jfdi.cc/wp-content/uploads/2024/05/larnaca-port-workers-protest-job-uncertainty-after-kition-collapse-photosvideo.jpg)
Disgruntled former employees of Kition Ocean Holdings protested outside Larnaca Port over job security concerns. The Larnaca Port Authority took over Kition’s central offices, changing signage to show operational control. The President of the House of Representatives is set to meet with affected workers to address their anxieties about their employment status.
Workers at the Larnaca port staged a protest against former port operator Kition Ocean Holdings over fears regarding their pay after Kition’s contract was terminated by the government. The government reached a deal with the workers to ensure their continued employment while searching for a new operator. Qatar has shown interest in taking over the port’s running. President Christodoulides wants the issue to be handled immediately.
A legal dispute has arisen regarding the future of workers at Larnaca Port and Marina after a development project collapsed. The contracting company, Kition Ocean Holdings, transferred the workers to the state instead of sending termination letters. Trade unions argue that proper termination letters are needed for the workers to be reassigned to the Development Company. The company claims they followed the TUPE law to protect the workers’ rights during the transfer. The workers met with the Mayor to express their concerns, and further discussions are scheduled.
Interest in Larnaca’s marina and port remains high despite the divorce between the Government and Kition Ocean Holdings. The Emir of Qatar has shown interest in the project, along with other suitors within the country. The proposal to separate the project and focus on the marina has gained ground, with the Government open to discussions and forming a working group to expedite the process. The Larnaca Municipality demands greater involvement in the project’s future, with plans for a committee to conduct a techno-economic study. The matter will be discussed in the House Transport Committee, and the Ministry of Transport will take over the management of the marina.
The three upcoming summer concerts featuring Tom Jones, Ed Sheeran, and Bonnie Tyler that were supposed to be held at the Larnaca marina have been moved to a nearby area called ‘Land of Tomorrow’ due to the government terminating its agreement with Kition Ocean Holdings over the Larnaca port and marina project.
Kition Ocean Holdings expressed concern for the welfare of its employees following the government takeover of the port and marina. The company blamed the government for not having a handover period, causing uncertainty for staff. Kition stated that according to the TUPE law, employees should be automatically transferred with their existing rights to the new employer. The company seeks reassurance from the government that employees’ rights will be protected during the transition.
Workers at Kition Ocean Holdings, operator of the Larnaca marina and port concession, will be rehired by the state, securing 70 jobs just before the next mayoral and European elections.