Scottish travel group Minoan is seeking confirmation of Greek media reports that appeals against its long-running plans for a luxury resort development in Crete have been turned down.
The Glasgow-based company gained land use approval for the project a year ago but appeals were then lodged against the presidential decree which were heard by a court last September.
Gaining the thumbs up would represent the first approval for a major foreign leisure development in Greece for more than 30 years.
The 650-room, five-star development is expected to create 1,200 jobs on the island.
Minoan, parent company of travel agencies Stewart Travel, John Semple Travel and King World Travel, said it noted reports in the Greek media stating that appeals against a presidential decree granting land use approval for the project in Crete had been rejected by the Greek Supreme Court.
AIM-listed Minoan said last Thursday that it had not yet seen an announcement from the Greek Supreme Court and will update the stock market once one is issued.
Company chairman Christopher Egleton said: “The issuance of the presidential decree in March last year was described as a ‘transformational event’.
“The appeals against it were clearly disappointing and frustrating and, as such, presuming the reports in the Greek press are correct, this will be transformational news for the company.
“Again, presuming the reports are correct, it signals the successful culmination of many years of effort by the company and its advisors.”