Nové centrum Palmovka

The construction work has been interrupted because the building investor, the company Centrum Palmovka a.s. owned by the Municipal Part of Prague 8 has not reimbursed the supportive construction yet, though execution of this work was in compliance with the agreement. The investor refuses to pay for the works and opposes the validity of the agreement on the construction that was concluded under the public service contract. Because not even the settlement proceedings led to solution of the conflict, we lodged a complaint to the Arbitration Court by HK and AK CZ in order to have the outstanding amount paid. The investor to the project has parallely lodged a complaint to the District Court for Prague 8 for defining the right to property of the building that was built within the frame of the project. Regarding the above specified court proceedings, the date of resuming of the construction work cannot be assessed. early in the second quarter of 2015 project aborted