Appeals had been made against the presidential decree granting land use approval for its Itanos Gaia project in Crete.

However, the appeals have been thrown out by the Greek Conseil d’Etat which effectively means Minoan now has outline planning consent for the project and can move on to the next steps of making the resort a reality.

Minoan chairman Christopher Egleton said: "As a result of the Greek Supreme Court’s decision, the company can now accelerate the development of the project, which will include, inter alia; the continuation of negotiations for joint venture arrangements with hoteliers, investors, partners and other parties.

“It also means that our long cooperation with the Foundation Panagia Akrotiriani, the Municipality of Sitia and the local community can begin to bring more prosperity to the area.

“This decision represents the successful culmination of many years of hard work by everyone in the company with the patience and support of the company’s shareholders.

“I look forward to providing the market with more news in the near future."