The development of Larnaca Port and Marina is in jeopardy due to the contractor's failure to submit the required guarantee. According to statements made during a meeting of the Parliamentary Committee on Transport, the Minister of Transport, Communications, and Works, Alexis Vafeades, confirmed that the contractor has not submitted the guarantee, despite an additional two-day extension.

The issue was discussed in an emergency session of the Committee, where Minister Vafeades clarified that the project will proceed, one way or another. However, he emphasized that it must be done legally, in accordance with relevant laws and regulations.

During a meeting at the Presidential Palace on April 15, 2024, the contractor company Kition Ocean Holdings committed to submitting the guarantee but has yet to fulfill this obligation. Furthermore, Kition Ocean Holdings, along with Aroundtown, did not attend the parliamentary committee meeting, drawing criticism from the committee members.

Legal options are being explored due to the contractor's failure to meet its commitments. Minister Vafeades mentioned that the Legal Service has been informed about the issue and will provide guidance on the next steps. He indicated that the government would like to proceed with the contract in its current form but stressed that everything must be done legally.

After the session, Minister Vafeades stated that the government has "red lines," and the public interest dictates that the guarantee must be submitted to move forward with the project evaluation and development within the set timelines.

The Minister of Transport added that the Legal Service has clarified that this is a legal matter it will handle, and it will provide the necessary explanations. Additionally, the General Auditor will review the case and give his position on whether the correct procedure has been followed.

Larnaca Mayor Andreas Vyras emphasized that the city is not involved in the bidding or investor selection process but is kept informed by the relevant authorities and the ministry. He stated that the Development Committee set some "red lines," such as not accepting further delays in starting construction, which is expected to begin in June, and ensuring that all infrastructure projects in the initial agreement are completed.

Vyras mentioned that all actions must be within the bounds of legality and that efforts should be made to avoid court litigation, noting the complications it could create in Cyprus' judicial system.

The President of the Larnaca Chamber of Commerce and Industry, Nakis Antoniou, stated that the Chamber wants the project and investment to proceed legally, adding that many investors have asked about the project's status. He emphasized that no one should mock the state and its institutions and urged all relevant authorities to address this issue promptly to ensure the project's continuation.