Court ruling of Supreme Court from 7 August 2014 in case no 2-13-25323 enforced a court judgment whereby the courts did not declare the compulsory execution of the court judgment of Harju County Court from 31 October 2012 and court judgment of Tallinn Circuit Court from 25 February 2014 in a court case 2-11-32501 based on Aivar Noormets’ court action against Nordecon AS as non-permissible.
As a result of the Supreme Court ruling Nordecon AS has to pay Aivar Noormets based on the court judgment made in civil case no 2-11-32501 EUR 538,519.55 and penalty for late payment EUR 94,986 and penalty for late payment, which will fall due in the future as a percentage rate specified in § 113 (1) Law of Oblications Act (in Estonian “võlaõigusseadus”) calculated based on the main claim of EUR 538,519.55 from 1 November 2012 until the full payment of the main claim.
Nordecon AS will fulfil the court judgment.
Nordecon is a group of construction companies whose core business is construction project management and general contracting in the buildings and infrastructures segment. Geographically the Group operates in Estonia, Ukraine and Finland. The parent of the Group is Nordecon AS, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 10 subsidiaries in the Group. The consolidated revenue of the Group in 2013 was 174 million euros and net profit 4.6 million euros. Currently Nordecon Group employs more than 700 people. Since 18 May 2006 the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange.
Jaano Vink
Nordecon AS
Chairman of the Management Board
Tel: +372 615 4400
Email: jaano.vink@nordecon.com
www.nordecon.com