Minoan endures further delay in luxury Crete resort development

An appeal against the granting of a Presidential Decree for a luxury resort in Crete, to be built by Scotland-based Minoan, has been postponed until September 16.

The hearing was due to be heard on July 4 and Minoan had initially welcomed the speed at which the hearing had been scheduled, saying it demonstrated ‘the importance being attached to encouraging foreign investments in Greece’.

Regarding the delay, Minoan chairman Christopher Egleton said he had been informed the postponed hearing had been set for ‘the first possible date’ in the new judicial year.

He said this was ‘a very short delay’.

The company was granted a Presidential Decree, the equivalent of outline planning consent, for a luxury resort with five luxury hotel hotels and two golf courses last year, but this has been challenged by two appeals.

"Minoan is pleased to inform shareholders that interventions have been filed arguing in favour of the validity of the Presidential Decree by the company, the foundation, landlord of the site, the local Municipality of Sitia and various local business organisations, all showing their support for the Project," the company said in a statement.

Egleton added: "Our investment has been judgedas strategically important because of the benefits it is expected to bring to Greece and the local municipality.

"With a build footprint of less than 0.4 % and a sustainability plan in place, the whole development will be extremely environmentally friendly. The company retains its confidence as to the outcome of the hearing and in the Greek Justice system, which has already twice confirmed that the PD had been lawfully proposed.

"The company will keep shareholders updated with any further news as soon as it is available".