On 26 May 2015 the Harju County Court made a judgment in civil case “The statement of claim of Nordecon AS against Kantauro OÜ in payment-claim”.
Nordecon AS constructed in Tallinn the Stroomi Shopping Centre with net area of ca 15 000 square meters in the request and order of Kantauro OÜ. The Stroomi Shopping Centre opened its doors to the visitors on 4 December 2014, but unfortunately the developer left some of the contractual amounts due unpaid to the constructor. As Kantauro OÜ did not pay the amounts due despite several repetitive requests, Nordecon AS was forced to recourse to the court to protect its interests.
Taking into account that Kantauro OÜ did not submit any objections to the statement of claim, the court made a judgment by default in the referred matter and satisfied the statement of claim of Nordecon AS in full. Pursuant to the court judgment Kantauro OÜ is ordered to pay Nordecon AS the principal sum in the amount of 201 000 euros and also penalties for late payment in the amount of 316 000 euros that had accumulated by the time of submission of the statement of claim, also the procedural costs that arose due to the dispute. Kantauro OÜ has the right to file an appeal within 30 days after the service of the 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 2014 was 161 million euros and net profit 2.3 million euros. Currently Nordecon Group employs more than 710 people. Since 18 May 2006 the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange.
Andri Hõbemägi
Nordecon AS
Head of Investor Relations
Tel: +372 6272 022
Email: andri.hobemagi@nordecon.com
www.nordecon.com