Ministry to pay Israeli investor for canceled D47 highway project
Published:
18 July 2003 y., Friday
Transport Minister Milan Simonovsky announced that the ministry would financially compensate Housing & Construction (H&C) for its participation in the D47 highway project by the end of July.
The government has been seeking a way to solve its dispute with the Israel-based company, which was awarded a contract for building the highway by the government of ex-Prime Minister Milos Zeman. The government canceled the contract in March.
So far, only a 2-kilometer (1.25-mile) stretch of the highway close to Ostrava, north Moravia, has been built. A subcontractor for H&C, ODS-Dopravni stavby, did that construction. The cost of that section is 140 million Kc ($5 million). That amount has not been paid, and ODS has halted its construction work.
A Transport Ministry proposal called for clearing that initial payment to ODS once the existing contract between the government and H&C is transferred to ODS. The government rejected the proposal at its meeting July 9.
After that first installment is paid, the government plans to sign a new contract for building the D47 with ODS. The construction would continue two weeks after transferring the existing contract with H&C.
Meanwhile, the government July 9 paid H&C 620 million Kc in compensation for its preliminary work on the highway. However, the government did not reach agreement on compensation for future tax liabilities connected to the payment. Talks on the issue are continuing.
Šaltinis:
praguepost.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The EBRD is increasing the availability of financing to the real economy in Hungary, with a €50 million credit line to CIB Bank, including at least €10 million equivalent denominated in Hungarian Forint.
more »
At the end of March 2010, AB Bank SNORAS deposit portfolio exceeded LTL 5 billion, of which over LTL 3 billion are household deposits.
more »
In affirmation of Vietnam’s remarkable progress towards Middle Income Country status, the World Bank Board of Directors today approved a second loan for Vietnam from the International Bank of Reconstruction and Development (IBRD).
more »
The World Bank today approved a EUR26 million loan to the Republic of Croatia aimed at further improving the efficiency of Croatia’s justice system − a necessary process in Croatia’s path towards successful European Union accession.
more »
The ACP-EU Joint Parliamentary Assembly asked the European Commission to help EU and ACP banana producers adapt to the new EU-Latin America trade agreement, which is expected to put an end to fifteen years of “banana wars” between the two continents, but has raised concerns for the livelihood of some regions' producers.
more »
As seventeen of Africa’s 53 nations celebrate 50 years of independence in 2010, Africa’s “golden moment has come” and investors around the globe must look to the continent often painted only as risk-prone if they are to capitalize on business opportunities.
more »
During the ordinary general shareholders’ meeting of AB Bank SNORAS, which took place on 31st March 2010, the bank’s profit distribution was approved.
more »
The EU is the world's largest economy, with enough international clout to return to "real capitalism" rather than resign itself to an alien "financial capitalism", concluded MEPs and experts at a public hearing held on Thursday by Parliament's special committee on the crisis.
more »
Food quality and labelling are likely to be key issues when the Common Agriculture Policy is overhauled in the coming years.
more »
The European Investment Bank (EIB) is lending EUR 250 million to Russian company Enel OGK-5 to finance the upgrading of a gas fired power plant located in Nevinnomyssk, South Russia.
more »