Filenews 27 November 2024
The Pafos District Court on 25/11/2024 rejected the request of INTRAKAT Technical and Energy Projects S.A. to prohibit the liquidation by the Republic of Cyprus of the amount of the guarantee relating to the advance payment of the project (Paphos-Polis) amounting to €6,791,057. Therefore, the RoC has already initiated all legal procedures for the enforcement of the decision.
The Court also dismissed INTRAKAT's request
-to prevent the Republic of Cyprus from entering the site
-the prohibition of the continuation and completion of the works of the project by the Republic of Cyprus and issued an interim decree prohibiting the redemption of the Performance Guarantee of €7,297,900 until the final adjudication of INTRAKAT's claim that will follow before the Cypriot Courts, a procedure that the latter is required to register within 15 days. If it fails to do so within this period, then the decree immediately ceases to be valid and the procedure for claiming payment of the guarantee of faithful performance of a contract from where it left off is activated.
At the same time, the Republic secured, through another procedure, a unilateral decree that the company does not remove equipment from the construction site.
According to a government source, with the Court's decision of 25/11/2024, the reasonableness of stopping the project is once again proven.
