In Cyprus the Court docket determined that the Advance Assure have to be paid whereas for the fee of the Trustworthy Efficiency Assure the request for its redemption have to be adjudicated.
In Greece, on 16/1/2025, the Court docket of First Occasion of Athens determined yesterday, January 16, that it quickly prohibits, till the matter is heard, the fee of each letters of assure submitted by the corporate INTRAKAT Technical and Power Initiatives Anonyme Firm when it undertook the development of the Metropolis street Chrysochous.
It’s recalled that the state determined final November to proceed with the termination of the contract with INTRAKAT for the Pafos-Poles Chrysochous street, since, as said in an announcement by the Division of Public Works, the contractor didn’t meet its obligations.
In at present's announcement, the Ministry of Transport states that whatever the choice of the Court docket of First Occasion of Athens for the short-term ban on the fee of the two ensures (Advance Fee and Efficiency Credit score for the Research Challenge and Development of the Paphos-Polis Chrysochous Motorway) the Republic of Cyprus has the binding choice of the District Court docket of Paphos for disbursement of the Assure Advance and the pending disbursement of Efficiency Assure.
He additionally reminds that on 25/11/2024 the District Court docket of Paphos rejected the request of the corporate INTRAKAT Technical and Power Initiatives Nameless Firm, for the prohibition of the liquidation by the KD of the quantity of the assure associated to the advance fee of the undertaking.
“The Court docket,” he provides, “additionally dismissed INTRAKAT's request that:
– to forestall the Republic of Cyprus from getting into the development website.
– the prohibition of the continuation and completion of the work of the undertaking by the Republic of Cyprus.
The Court docket issued an interim order prohibiting the redemption of the Trustworthy Efficiency Assure till the ultimate adjudication of INTRAKAT's declare which is able to comply with earlier than the Cypriot Courts.
On the identical time, the Republic of Cyprus secured via one other course of, a unilateral decree that the corporate not take away gear from the development website.
INTRAKAT, virtually on the identical time, requested an interim decree from a Court docket in Greece prohibiting the redemption of the Advance Fee and Trustworthy Efficiency ensures. Primarily, he requested the identical decree from a Court docket in Cyprus and from the Court docket of First Occasion in Athens, which is taken into account paradoxical.
In Cyprus the Court docket determined that the Advance Assure have to be paid whereas for the fee of the Trustworthy Efficiency Assure the request for its redemption have to be adjudicated.
All associated choices are dealt with by the Authorized Service.”
