Bank currently asking Silves municipality for “more than €8 million”
After all the tough words, and dizzying numbers, the ‘bid for compensation’ over a planning rebuff for one of the last natural stretches of the Algarve coast has dribbled down to little more than €8 million – at least this is the gist of stories being picked up from Público.
Two years ago, CEO of Millennium BCP Miguel Maya suggested his bank would be seeking damages of up to €100 million. An exclusive in Público, variously shared over the weekend, states however that ‘promoters’ are instead asking Silves municipality for “more than €8 million” for being effectively ‘left holding the baby’.
This is one of the longest running planning controversies in recent Algarve history. Initially known as the Praia Grande touristic resort, this project was launched by a company ‘tainted’ from a previous banking scandal (and in dire need of investors in order to move forwards). The investors never materialised. They may have been put off by the relentless environmental opposition to yet another ‘mega development’ on land with protected flora, and close to an internationally renounced birding wetland. Whatever the reason, the initial promoters then went bust, leaving BCP Millennium to pick up the pieces (and still try to ‘shift the goods’).
A change in politics at Silves municipality helped those fighting to keep the land free of golf and concrete – and now the Declaration of Environmental Compliance – DECAPE has been declared ‘null and void’.
The project for all intents and purposes has been dead in the water for years. But its promoters (who inherited it, as a result of bad debts) appear finally to have recognised this fact; they are no longer marketing the project to the highest bidder – and instead are asking Silves for compensation – and interest – for having made no money at all.
According to local Silves online Terra Ruiva, Silves councillor in charge of urbanism Maxime Sousa Bispo, appears fairly relaxed. He told the online that the council is “sure of the legality” of the decisions it has taken over the years, but more importantly, it has been “pursuing the public interest in the environment”.
“As such, we will contest the action (by Millennium BCP) within the time limit, by the end of September, and we will also take a public position on this matter in due course, which is a heavy legacy of the times when the PSD and PS enabled mega developments, with massive construction, for the Praia Grande and Lagoa dos Salgados areas, an aspect that does not fail to raise several reflections given the content of the lawsuit itself”, Sousa Bispo told Terra Ruiva.
Adding an aside to Público’s original article, he said, “we regret that no mention was made of the fact that the Municipality of Silves was the first in the Algarve to complete the revision of its PDM in January 2021, providing the municipality with a 2nd generation digital municipal master plan, thus complying with current legislation which, today, is far from allowing ‘rocambolesque’ (fantasty-type) situations like these in Praia Grande and Lagoa dos Salgados, which come from the past.”
One aspect still ‘lacking’ in this story is the consolidation of the pledge to declare the area “a natural reserve”. This may move forwards once the matter with BCP Millennium is finally sorted.
