Imtech faces €100m write-down after ‘possible irregularities’ in Poland

Dutch technical services provid­er Royal Imtech has announced the write-off of at least €100m in Poland after the discovery of “possible irregularities” in four of its projects there. The discovery relates to three projects for Adventure World Warsaw and one project involving energy-generating bio-power stations in Warsaw with a combined value of €757m. It is understood that advance payments for the four projects did not comply with the agreements made between Im­tech and its customer in terms of the availa
March 1, 2013 Read time: 2 mins
Dutch technical services provid­er Royal 769 Imtech has announced the write-off of at least €100m in Poland after the discovery of “possible irregularities” in four of its projects there.

The discovery relates to three projects for Adventure World Warsaw and one project involving energy-generating bio-power stations in Warsaw with a combined value of €757m. It is understood that advance payments for the four projects did not comply with the agreements made between Im­tech and its customer in terms of the availability of payments as a result of the customer not securing its financing.

Imtech has warned that the write-off will lead to a breach of its covenants with lenders. It has ordered a full investigation and suspended local Polish manage­ment pending the outcome.

A spokesman for the com­pany told 1846 ITS International the matter would have “no effect at all” on Imtech’s transport operations or its operations outside Poland. “It doesn’t af­fect any other Imtech business,” he confi rmed.

The firm is “very confident indeed” about renegotiating with its lenders, he added. “We are negotiating with our lenders right now, but we hope this will be resolved. We are still a healthy company,” he com­mented.

As a result of the issue, Imtech has postponed the pres­entation of its 2012 financial statement, which had been due on 5 February.

For more information on companies in this article

Related Content

  • Dynamic charging boosts electric vehicles’ potential
    December 16, 2014
    With an increasing need to use electric vehicles in city centres to reduce pollution, David Crawford looks at various solutions to power delivery. The UN’s September 2014 Climate Summit has added fresh momentum to the drive to increase urban electric vehicle (EV) takeup. It has launched the Urban Electric Mobility Initiative, which wants to see EVs accounting for 30% of all urban travel by 2030, and make cities worldwide more friendly to their use. Encouragingly, the plan is being well supported by commerci
    Read More
  • Consortium wins Polish rail modernisation contract
    February 27, 2013
    A consortium led by Bombardier Transportation in partnership with Thales and Nokia Siemens Networks has won the US$146 million contract to modernise the signalling of the 350 km long E65 railway line linking Warsaw and Gdynia. The need to comply with the standards of the trans-European transport network linking the north and south of Europe makes the contract is one of the most important investments of PKP, the Polish railway lines operator. The consortium claims the modernisation will enhance safety and in
    Read More
  • Authorities look to MaaS for new solutions and cost savings
    July 18, 2017
    The structure of society and the way in which our cities work will be completely transformed by Mobility as a Service (MaaS), Finland’s minister of transport and communications Anne Berner, told ITS International’s recent MaaS Market conference 2017 in London. In her keynote address, Berner told a packed audience of more than 200 ITS professionals that MaaS has the potential to help governments around the world meet their big city targets such as the rate of employment, the environment, the efficient use of
    Read More
  • Interoperability: towards the new frontier
    October 22, 2018
    After six years of intensive research, testing and negotiation, the US tolling industry is well on its way to groundbreaking results in the effort to establish regional - and eventually national - toll interoperability, says IBTTA’s Bill Cramer. Interoperability has been a high priority on the US tolling industry’s agenda for more than a decade. But several factors made it a uniquely complex issue to resolve - including the number of agencies involved, the significant investments those agencies had already
    Read More

Highlighted Content