Weather
19 ° C
19°C
Breaking News

Covid latest: 24 hospitalised - 21 res, 122 home monitored, 12,653 recoveries, 57 deaths, 501 incidence rate

Monaco sidesteps crippling fine

Monaco sidesteps crippling fine

By Stephanie Horsman - September 8, 2020

After years of litigation and a hefty €141 million compensation package to be paid by the State to Caroli Immo, a solution to the thorny Esplanade des Pêcheurs project has been attained.

A lawsuit brought against the State over the cancelling of the Esplanade des Pêcheurs project on Port Hercule by SAM Caroli Immo has now found a suitable solution. After extensive discussions with the Sovereign Prince and the company, the project will now go forward in a modified form.

According to a press release issued by the Prince’s Palace, the new project will be smaller in scale and must “provide the surfaces necessary for the sustainability of the Formula 1 Grand Prix in the Principality and preservation of access to emergency services. The modified program will include a private building as well as a State-owned housing building, premises for port professionals and a museum dedicated to Man and the Sea.”

In return for these concessions, SAM Caroli will waive the enormous compensation granted by the Supreme Court and will continue with the works. The project will take an estimated four years to complete.

The Prince and his government had been open to finding a positive outcome throughout the summer, a position also advocated by the National Council, so this scenario has been a win-win for all concerned.

“The Sovereign Prince wished that an amicable solution be sought, protecting the finances of the State and the interests of the Principality,” said the Palace in the statement.

According to article 33 of the Constitution, the decommissioning of property in the public domain can only be pronounced by a law, submitted to the vote of the National Councillors. As the Palace indicates, the Government “is responsible for finding the terms and conditions necessary for this amicable solution”. The National Council, within the framework of its constitutional prerogatives, has been tasked to ensure that the final agreement is balanced.

The project had originally fell apart due to several factors including the risks it posed to the Monaco Grand Prix operations, a worry highlighted by the organisers of the event, the Automobile Club of Monaco, and supported by the government.

 

Top photo: The project will be located at the entrance of Port Hercule. Monaco Life, all rights reserved

 

Related stories:

Development dispute doesn’t end well for Monaco

 

 

shares
SHARE
Sign up to our newsletter
Loading
Previous articleLegendary bar-restaurant reopens after Covid scare
Next articlePool reopens, with restrictions

daily

Cassandra Tanti

Société des Bains de Mer has confirmed the sale of its 47% stake in Betclic Everest Group, a French online gambling company, in a deal that garners €710 million profit for Monaco’s largest company.

0
Stephanie Horsman

The UAE is set to overtake the US in attracting the largest number of emigrating millionaires in 2022, according to a new report, though Monaco still remains a very attractive option.

0
June 27, 2022 | Business & Finance

Germans welcome new Monegasque Ambassador

Stephanie Horsman

Monaco has posted Lorenzo Ravano as new Ambassador to represent the country in Berlin. He was welcomed in the German capital where he met with the German President.

0
Luke Entwistle

The AS Monaco football club boutique and jersey provider Kappa have become members of the government’s environmental label, a move that comes with some serious commitments to the environment.

0