News | Sunday, 28 June 2009

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MEPA to reach agreement on MIDI’s €4.6 million bill

James Debono
The developers’ consortium MIDI plc has still not paid a staggering €4.6 million in fees for the disposal of construction waste at sea.
But a MEPA spokesperson said that negotiations are at “an advanced stage” and that an agreement is relatively close and “should be concluded in the coming days”.
News that MEPA is asking MIDI to pay €4.6 million emerged in the consortium’s prospectus published for its public issue of €30 million in bonds back in October 2008.
According to the prospectus the developers of the Manoel Island and Tigné Point Development – MIDI plc – refused to pay the outstanding fees, claiming the payment was time-barred, a term used when invoices to creditors are sent too late to be legally binding.
MIDI also declared that any such payments should have been invoiced to the subcontractors responsible for the disposal of the excavated waste.

MIDI’s €4.6 million bill
www.maltatoday.com.mt/2009/01/11/t15.html

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