Corinthia talks must be ‘fair’, ‘reasonable’ and ‘transparent’ – Malta Chamber

The actual proposed development for the Corinthia hotel. Credit: Corinthia Group

Malta’s Chamber of Commerce has outlined that it believes the value and payment of transferring public land to the Corinthia Group must be ‘fair’, ‘reasonable’ and ‘transparent’.

In commenting on the government’s negotiations over land transfers to the Corinthia Group, the body has reiterated similar comments it made back in 2017 regarding the sale of land to the DB project.

During that time, the Chamber stated that the, ‘agreements and procedures must be… above board and transparent’ and those involved, ‘must be made accountable for earning the full market value expected from the asset’.

In light of the Corinthia negotiations, the Chamber wants to ensure that ‘amount paid for the extension of the concession is reasonable and transparent. More importantly, the Chamber wants to ensure that the value incorporates fair compensation for allowing a change of use for the concession.’.

The body does express its concern that had the project been consistently connected with tourism, ‘there would have been fewer questions asked’.

This statement comes from the understanding the proposed development will include two new residential blocks and it is the feeling of the Chamber that this could ‘potentially lead to distortions’ if it is discovered that the ‘investor has been granted favourable conditions in the process of renewing the concession of the land as well as in enabling the transfer of lease to third parties.’

Their statement concludes saying that they await further details and clarity over, ‘what the project will actually entail… the sooner the country has official clarity on all aspects of this project, the earlier are unnecessary speculation and suspicion eliminated.’