Tallinn, 2014-09-29 16:53 CEST (GLOBE NEWSWIRE) -- AS Pro Kapital Grupp informs that the Court of Appeal of Lithuania has on 26.09.2014 decided to annul the decision of first instance court and adopted a new decision – rejected the claim of UAB ,,Gatvių statyba” and satisfied the counterclaim of PK INVEST UAB.
In February 2012, UAB "Gatvių statyba" submitted the claim against PK Invest UAB to the Vilnius district court requesting for LTL 197 000 Lithuanian litas (approx. 57 thousand Euros), plus 8,06 % interest, for the performed works in Saltiniu Namai project. Group company PK INVEST UAB did not agree with the claim because the works were performed unduly and the deficiencies were recorded by the parties in writing.
The first instance court decided on 10.01.2013 to satisfy UAB “Gatvių statyba” claim and PK INVEST counterclaim partially – court awarded to UAB “Gatvių statyba” LTL 187 762 of debt according to the construction agreement and 8,06 % of annual interest from the awarded amount from 11.04.2009 until full implementation of the court’s decision. The plaintiff UAB ,,Gatvių statyba” was obliged to submit the surety bond guarantee to PK INVEST UAB within 6 months form the date of the court decision. If UAB ,,Gatvių statyba” fails to submit the guarantee it shall pay LTL 93.881 fine to PK INVEST UAB.
PK INVEST UAB did not agree with the decision and lodged an appeal.
The Court of Appeal of Lithuania on 26.09.2014 decided to annul the decision of first instance court and adopted a new decision – court rejected the claim of UAB ,,Gatvių statyba” and satisfied the counterclaim of PK INVEST UAB.
The appellate court decided to reduce the amount of the Construction agreement from LTL 2 247 085 to LTL 2 019 581,19 and also awarded PK Invest UAB LTL 39 740,18 of overpayment from UAB “Gatvių statyba“ and 6% of annual interest from the awarded amount from 29.03.2012 until full implementation of court’s decision.
The plaintiff UAB “Gatvių statyba” was also obliged to submit the surety bond guarantee of LTL 93 881 to PK INVEST UAB within 40 days from the date of the appellate court decision. If UAB ,,Gatvių statyba” fails to submit the guarantee it should pay LTL 93.881 fine to PK INVEST UAB.
The Court of Appeal of Lithuania also awarded to PK INVEST UAB litigation costs.
UAB ,,Gatvių statyba” has a right to lodge a cassation within three months of the appellate court’s decision, i.e. until 26.12.2014.
Iveta Vanaga
Head of Investor Relations
Phone: +37129239064
E-mail: iveta@prokapital.lv