Profil:
Grupa Azoty SAAzoty Polyolefins receives EUR 107.5 mln under guarantee
Listed chemicals group Azoty's subsidiary, Azoty Polyolefins, has received over EUR 107.5 million under a guarantee in connection with the improper performance of the contract for the implementation of the Polimery Police project, the group announced in a market filing. The contractor for the project was Hyundai Engineering.
The guarantees were issued by Liberty Mutual Insurance Europe.
As stated, all payments were made to the bank account of Grupa Azoty Polyolefins. The funds were paid out in an amount equal to the maximum guarantee sums.
"According to information from the guarantor, all payments are made exclusively subject to all rights and objections. Should it later transpire that the security provision requested by the contractor, Hyundai Engineering Co. Ltd., existed at the time of payment and resulted in the suspension or withdrawal of any payment request based on the guarantees provided by Liberty Mutual Insurance Europe SE, the guarantor reserved the right to seek reimbursement of the relevant amounts," the group said in the market filing.
At the beginning of August, Grupa Azoty announced that following the expiry of the cooperation and stabilisation agreement within the framework of the Polimery Police project and the failure to reach an agreement on mutual claims, Grupa Azoty Polyolefins had decided to charge contractual penalties for delay on the basis of the EPC agreement clause in the amount of EUR 111.8 million.
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