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Photo by Vladimir Ivanovo (V)
The Competition Council decided to apply to the judicial agents for 8,514 million LTL assigned to AB Panevio statybos trestas (PST). Eur fines and 1.1 million. Salary collection Eur. The CEO of company V says that this is a necessary amount and that the investment will have to be suspended.
Complemented by the comment of Remigijus Juodviris, Chairman of the PST Board
Since PST did not pay the fine within 3 months of the announcement of the ruling and appealed the decision in court, the company was charged with the outstanding fine. After the Supreme Administrative Court of Lithuania (SACL) approves the decision of the Competition Council and makes the final and final decision, the company will have to pay a fine and an annual salary of 6% for each day of delay, according to the report. of the Competition Council.
Dalius Geseviius, head of PST, says he will try to ensure the financial stability of the company.
The company needs a lot because, anyway, that big money is not on the shelf. We need to probably have to stop some projects, exchange investments. It is not a good thing, it is a difficulty. But whatever you do, this is the situation today, says D. Geseviius.
According to him, the companies had not established provisions for fines, as they hoped that the courts would assess the situation correctly.
We believe in a different judicial outcome, says the plaintiff.
In a subsequent press release, Remigijus Juodviris, Chairman of the PST Board, states that the Board will make all necessary decisions to maintain the company’s financial stability, fulfillment of its obligations and the trust of its partners for many years.
We assess the situation and the preparations for each possible scenario in order to guarantee the proper functioning of the company and fulfill all obligations to clients, partners, suppliers, shareholders and employees. We are one of the largest construction companies in Lithuania, we have accumulated long-term experience, so although the amount of the fine is not reduced, the daily operations of the company will not suffer as a result. It is true that some investment projects may need to be adjusted, he says.
After the news, PST shares are falling around 5%.
The court rejects the claims.
June 3 By a non-appealable decision, the SACL rejected the actions of PST and Active Construction Management (previously Irdaiva) in bankruptcy in an attempt to overturn or change the decision of the Competition Council on the cartel.
Mons Paeid Competition Law, when in 2013-2015. Vilnius development companies participated in acquisitions organized on the basis of joint activity agreements, although such pooling of capabilities was not necessary, and by their actions restricted competition. According to the Competition Council, PST and Irdaiva, given their experience, qualifications and capabilities, had a real opportunity to participate in separate public procurement, compete with each other and provide unrelated offers, thus increasing competitive pressure for both participants in the market as between them. However, in concluding joint operation agreements, the companies agreed not to compete with each other and submit joint offers in 24 tenders.
The court confirmed in 2018. May 14 d. According to the decision made by the Vilnius Regional Administrative Court, for which PST is fined 8,514 euros, Irdaiva with 3,686 million euros. EUR.
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