The state cuts the funding on motorways

Approximately 26 million fewer is required to collect the Aegean Motorway from the participation of the Greek state for the additional financing of the project, with a decision taken by on Christmas eve the minister of Infrastructure, mr Christos Spirtzis. The case of the motorway is the only authority in accordance with executives of the ministry, to come and in the other three concessions (Olympia Highway, Ionian Highway, E65) in the coming months. The amount of the expenditure “haircut” associated with the improvement of the revenue of the period to restart the projects until today, but with the maturity, since the calculations for the reduction of state support, are made with the supplement, murdered project at a rate of more than 90%. Let’s see with what procedures the state restricts the funds will pay to the contractors.
The Aegean motorway (maliakos-kleidi) is manufactured by Hochtief, Vinci, Aktor, J&P Avax and Athena is the first of the road works will be required to recover only the 5,7 ec. euro out of a total of 30,6 million. euro was the last of the financial contribution of the public in the project. Overall the road axis, the additional expense of the public, on the basis of the revised contracts amounted to over 401 million. euro.
In the ministry claim that the decisions taken by the previous months by the company in order to deal with “holes” that had been observed in the revenue from tolls, led to the improvement of “fund” in comparison with the projections of financial models, as these had been calculated in the context of the restart of the motorway two years ago. For example, the measures for the combating of illicit connections with the road works and the installation of side-facing tolls, which have had a positive impact with a 20% increase in revenue and the Olympia Street, it seems that they saved the… lot on concession contracts, improving to such an extent the level of revenue for the first time, enable the public to reduce the contribution of the projects. It is the process of claw back, which was envisaged in the contracts for amendment of 2013, on the basis of which the financial assistance of the government could be reduced in a project, where it presented a better image than the provisions of the revised convention. It is recalled that, for the restart of the four road axes (Olympia Highway, Ionian Highway, E65, Μαλιακός Key) the public was invited to cover the needs of the projects and to replace part of the loans which had been borne by the banks but also the gap caused by the decreased due to the economic crisis, revenues of concessions.
According to the information for the calculation of the claw back in the Μαλιακός Key, I had to work until late in the evening of Christmas eve, the competent services of the ministry of Infrastructure in order to make strong the position of the concessionaire to recover the total amount of public expenditure. The public by the legal services challenges the methodology for calculating the Claw-Back, based on the evidence and the sources of funds provided by the concessionaire for the financing of the project during the period of study-construction. For example, the public rejects an amount of 15.3 m. euro included in the uses of capital movements VAT. The reason is that the VAT may not be included in the cost of the project shall be returned to the concessionaire. Therefore, it is noted in the decision, the uses of funds must be reduced by the corresponding amount. In accordance with the legal claims, the time of calculation of the Claw back is 94 months from the beginning of the concession period and that for there to be comparisons between the old and the new financial model.
Having said that with the ministerial decision that was published in the Clarity and bears the date of 24 December, the state because of disagreement with the παραχωρισιούχο has submitted to the contractors only 5.7 ec. Euro of the fourth and last of the financial contribution of the public in the project. The rest has been placed in an escrow account in the Bank of Greece, which will be released if there is a claim in court, through arbitration in favour of the contractors. The concessionaire has the right to refer the matter to arbitration within 30 days of the issuance of the decision. If this period reaches idle then it is considered that it fully accepted the decision of payment.

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