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Odysseus Michaelides Alleges Deliberate Delays and €40 Million Payment in Vassilikos Terminal Case

Published January 5, 2026, 08:14
Odysseus Michaelides Alleges Deliberate Delays and €40 Million Payment in Vassilikos Terminal Case

Odysseus Michaelides, leader of the ALMA party, has reported new evidence of deliberate delays in the completion of the terminal at Vassilikos, which he has already submitted to the European Public Prosecutor's Office. According to the report, the Republic of Cyprus paid €40 million to the Chinese Consortium to regain ownership of the ship it had already purchased. Mr. Michaelides highlighted the months-long unjustified delay, recalling statements by the former Minister of Transport predicting the rapid completion of the project. The case began in 2024 with a report indicating potential criminal offenses. However, the Chinese Consortium terminated the contract in July of the same year, and no new contractor has been found to date. Mr. Michaelides argues that the delay is not accidental but has a specific purpose. According to the documents he obtained, the €40 million payment was made to repurchase the ship, while the ship registry already records the Republic of Cyprus as the owner. The ship, despite being owned by Cyprus, remains anchored in Malaysia. Mr. Michaelides, having limited authority, handed over the new evidence to the Police, who will evaluate it within the framework of the ongoing investigation by the European Public Prosecutor's Office. This case is linked to the increased cost of electricity, as the delay in completing the terminal affects Cyprus's energy policy.