![AKTOR is required to pay $ 31.5 million for Doha metro – Court ruling](https://www.ot.gr/wp-content/uploads/2021/07/doha.jpg)
AKTOR, a subsidiary of the ELLAKTOR group, will have to pay the amount of $ 31.5 million for the execution of the Gold Line project for the Doha (Qatar) metro following a decision of an Arbitration Court that adjudicated in favor of a subcontractor. “Aktor cooperates with the other members of the Consortium in order to bring an action for its annulment, while in cooperation with both the other members of the Consortium and its legal advisors it will evaluate according to the IFRS the accounting treatment that will be adopted”, notes the ELLAKTOR group.
The following is the announcement of the company:
The company ELLAKTOR SA (hereinafter “the Company”) notifies the decision of 21.72021 of the International Court of Arbitration of the International Chamber of Commerce (ICC) (hereinafter the “Arbitral Award”), which was notified on 23.7.2021.
Pursuant to the Arbitral Award, the amount of approximately $ 98.5 million was awarded in favor of a foreign company (hereinafter referred to as the “Subcontractor”) and against the foreign consortium named “ALYSJ-JV” (hereinafter referred to as the “Consortium”). under a subcontract agreement between the Subcontractor and the Consortium for the execution of the Gold Line project for the Doha metro in the State of Qatar (hereinafter referred to as the “Project”). The subsidiary of the Company, AKTOR SA, participates in the Consortium. (hereinafter referred to as “Aktor”) with a percentage of 32%.
It is pointed out that the liability of the members of the Consortium is proportional, therefore Aktor’s participation in the obligation to repay the awarded amount corresponds to an amount of approximately $ 31.5 million, and in case it is obliged to pay an amount higher than the corresponding amount, it will claim excessive amount deductible from the other members of the Consortium, which are secured and solvent.
It is noted that the above arbitration started following requests for arbitration submitted by the Subcontractor at the end of 2017, the hearing was completed in June 2020, while the Consortium had received a letter from its legal representative, who considered that the subcontractor’s claim was not to thrive.
Aktor is cooperating with the other members of the Consortium in order to bring an action for annulment against the above decision, while in cooperation with both the other members of the Consortium and its legal advisors it will evaluate according to the IFRS the accounting treatment that will be adopted.
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
Latest News
![Gov’t Eyes Return of Power Subsidies Amid Spike in Rates](https://www.ot.gr/wp-content/uploads/2024/07/power-lines-2048x1365-1-600x400.jpg)
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
![ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock](https://www.ot.gr/wp-content/uploads/2024/07/ot_georg_PROIONTA_money-1-600x352.png)
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
![Balkans Blackout Highlights Climate Threats to Power Grids](https://www.ot.gr/wp-content/uploads/2024/07/blackout-1-600x457.png)
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
![Greece in Top 4 Destinations Favored by European Tourists](https://www.ot.gr/wp-content/uploads/2021/06/ploio-600x400.jpg)
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
![Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive](https://www.ot.gr/wp-content/uploads/2024/06/euros-2048x1365-1-600x400.jpg)
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
![First Seaplane Test Flights to Skopelos, Alonissos, Skyros](https://www.ot.gr/wp-content/uploads/2024/06/hellenic-seaplanes-pilotikes-ptiseis-ydatino-pedio-lavriou-600x450.jpeg)
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight
![ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y](https://www.ot.gr/wp-content/uploads/2023/08/unnamed-41.jpg)
ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y
The same price index had decreased 20.8% from May 2022 to May 2023
![Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated](https://www.ot.gr/wp-content/uploads/2024/06/ergasia-ergazomenos-600x300.jpg)
Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated
Specifically, the option "Subjective opinions are prioritized over objective data" ranked highest in importance for young employees, with a score of 3.89 out of 4
![OECD: Job Vacancies on the Rise in Greece](https://www.ot.gr/wp-content/uploads/2024/07/ergasiabusinness-768x556-1-1-600x434.jpeg)
OECD: Job Vacancies on the Rise in Greece
By the fourth quarter of 2023, job vacancies per unemployed person had risen by more than 4, with the index reaching 446 units compared to 100 units in late 2019
![OTE Group: FTTH Program Advancing in Semi-Urban and Rural Areas of Greece](https://www.ot.gr/wp-content/uploads/2024/05/ΟΤΕ-Group_1-600x450.jpg)
OTE Group: FTTH Program Advancing in Semi-Urban and Rural Areas of Greece
This initiative will provide ultra-fast internet speeds of up to 1Gbps to over 350,000 households and businesses in semi-urban and rural areas across the country