Macau Legend Development to Challenge Cape Verde License Termination
Macau Legend Development has announced its intention to challenge the Cape Verde Government’s decision to cancel its license for a major development project. The government claims the company failed to meet project deadlines, leading to the termination of agreements and the transfer of associated assets back to the state.
License Termination Sparks Legal Action
The Cape Verde Government alleges that Macau Legend Development breached its contractual obligations, prompting the termination of the Convention and Concessions signed in 2015. As a result, the government has assumed control of all assets tied to the project, including those already constructed.
Macau Legend Development disputes these claims and is seeking legal advice in Cape Verde. The company has vowed to contest the allegations to protect its interests and those of its shareholders.
Government Cites Breaches Despite COVID-19 Delays
While Macau Legend Development has pointed to delays caused by the COVID-19 pandemic as a key factor affecting the project’s timeline, the Cape Verde Government has dismissed this justification. Prime Minister Ulisses Correia e Silva and the Council of Ministers stated that the company had been given multiple opportunities to resume construction, negotiate the sale of shares, or transfer its contractual responsibilities to another party. Despite these options, the government asserts that the company committed “repeated violations” of its obligations.
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