Figures quoted yesterday by Seabank Resort, vying to develop the area where the Institute of Tourism Studies stands, in reaction to a report that appeared on The Sunday Times of Malta were soon challenged by the owners of the Villa Rosa site.

Indicating they planned to take court action about the report, Seabank Resort’s CEO Arthur Gauci said there were “a number of errors”.

He said it was not true that that the Villa Rosa land was acquired for nearly €35 million. He said the sum amounted to €15,150,370 and covered an area of 26,873 square metres.

Mr Gauci also contested the report that the Villa Rosa contract was signed in 2009, insisting it happened on September 9, 2011.  The signatories were Garnet Investments Limited (formerly known as Vic Bon Limited) and St George’s Bay Hotel Limited, he said.

He added that what happened in 2009 was that Vic Bon Limited changed its name to Garnet Investments Ltd.

Mr Gauci challenged research conducted by The Sunday Times of Malta which showed that Garnet Investments Limited recently bought 195 square metres of land in the same area for over €4 million. He said that Public Registry searches up to May 1, 2016 did not show any such acquisitions by Garnet Investments Ltd.

However, Anton Camilleri, of Garnet Investments, insisted that the value of the land was as reported by The Sunday Times of Malta.

The land was bought over three contracts amounting to a value of close to €35 million, he said.

“The contracts are public documents that cannot be denied. The deal was concluded on prices set in a 2009 agreement. And we do have a preliminary agreement for land measuring 195 square metres at a value of €4 million,” Mr Camilleri continued.

“The facts were found in the contracts that were public documents,” he said. “They cannot be disputed,” he added.

The company also said it would be engaging lawyers to address the “malicious allegations” spread by Seabank.