Court Settlement between NCS and Consortium

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News 20 December 2012

 On 19 December2012, asettlement was reached before a District Court for Warszawa Praga-Północ 8th Commercial Division between Narodowe Centrum Sportu Sp. z o.o. acting for and on behalf of the State Treasury and the Consortium of ELEKTROBUDOWA SA (Leader),QUMAK-SEKOMS.A.and PRZEDSIĘBIORSTWO „AGAT”S.A. The Consortium was a subcontractor of construction works provided for the Warsaw National Stadium against the construction works contracts, the conclusion of which was disclosed by the Company in the current reports no. 1/2010 of 11 January 2010, no. 20/2011 of 7 July 2011, no. 24/2011 of 28 October 2011, no. 2/2012 of 13 February 2012 and no. 16/2012 of 3 July 2012.

In the settlement Narodowe Centrum Sportu Sp. z o.o. agreed to pay subcontractor the amount of PLN 6,412,875.98 gross for the performed construction works within 3 working days since the date of the present settlement. Furthermore, the Purchaser and the Subcontractor agreed to establish additional warranty bond for the gross amount of PLN 712,541.78 to be released, without a further settlement, within 5 working days since a document is signed by the Parties certifying the removal of defects according to the procedure described in the Final Acceptance Certificate signed on 30 August 2012, relating to the works performed by Subcontractor at the construction site of the National Stadium.

 The above amounts will be transferred to a bank account of ELEKTROBUDOWA SA.

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