The person in charge of the ambitious SmartCity project, Claudio Grech has resigned because of "diverging operating views" insisting that his departure would not sound the project's death knell.
The young CEO, who described himself as "the first person to dream about transforming the shabby Ricasoli into an ICT township", said his decision was taken with a heavy heart after many discussions with the shareholders.
The project had been rumoured to be in financial difficulty and at a standstill for some time but this had been denied.
"Although I have contributed enormously to what it is today, SmartCity Malta is much larger than any individual and this should be kept constantly in mind at this sensitive juncture," he said in a statement yesterday.
He added that Tecom Investments was "still the best poised player" to develop the ICT township in Ricasoli.
"This company has led to the development of numerous technology clusters in Dubai and, despite the economic downturn, certainly has the right capabilities to develop SmartCity Malta too."
"I have no reason to doubt that the shareholders will sustain their investment in the project and, hence, I sincerely hope that it will take shape as originally intended."
He thanked the people he worked closely with on the project, including Prime Minister Lawrence Gonzi, Dr Gatt and the mayors of Xgħajra and Kalkara.
He also thanked the opposition for their "support and avoidance of controversy" and the heritage and environmental NGOs for their "contribution and collaboration".
Meanwhile, Smart City Malta said it had accepted Mr Grech's resignation and appointed Fareed Abdulrahman as interim CEO. Deepak Padmanabha, chairman of SmartCity, thanked Mr Grech for his service.
"Claudio has made a sterling contribution to SmartCity Malta. Apart from his incessant commitment, he has demonstrated excellent professional abilities in the discharge of his duties. Moreover, his effort to attract foreign direct investment aimed at creating an ICT destination of excellence in Malta was particularly significant and commendable. This has definitely enhanced the international visibility of Malta and Smart City Malta."