The Chamber of Commerce has called for explanations about the concession being granted to Corinthia Group for a major development in St George’s Bay.In a statement, the Chamber said it was seeking to ensure the amount paid was “reasonable and transparent” and that the value incorporated fair compensation for allowing a change of use for the concession.Times of Malta has reported that the international hotel chain will acquire a commercial concession worth €700 million for just €17 million, if draft deed negotiated by government is approved by Parliament.Corinthia is planning to build 100,000 square metres of commercial and residential real estate and offices, including high-rise blocks.The Chamber said that, given Corinthia’s track record in the hospitality industry, there would have been fewer questions asked had the project continued to be exclusively tied to tourism, rather than including residential blocks. “The placing of these new units on the market may potentially lead to distortions if, as reported, it eventually emerges 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…
