Philenews

Investors Accuse State of Deception Over Sotira-Liopetri Waterfront Development

Published January 20, 2026, 09:23
Investors Accuse State of Deception Over Sotira-Liopetri Waterfront Development

Today's session of the Parliamentary Committee on Commerce was marked by strong dissatisfaction and accusations of deceiving foreign investors regarding the long-delayed promotion of tourism development on the Sotira-Liopetri waterfront. Investors accused the state of violating agreements and changing the terms of the offer after they were signed. The CEO of Ayia Napa Marina, Stavros Karamonntanis, denounced that the Natura 2000 network was not included in the initial terms of the offer, resulting in the deception of the Egyptian investor. The investment has already reached €340 million. Pantelis Tsolakis from Sun City stated that the Administrative Court overturned the revocation of the ministerial decision for the project, but the Ministry of Interior refuses to comply, causing damages of €4 million per year and the risk of compensation for the state. A study by the National Technical University of Athens supports that vertical development is environmentally preferable as it requires less land sealing and does not affect the protected species of the blue rock thrush. Representatives of government departments committed to completing the opinions and submitting the proposal to the Council of Ministers by March. The Committee Chairman, Kyriakos Hadjigiannis, described the problem as institutional and called on the government to make decisions with transparency and legality.