Ingra Loses Major Project in Algeria, Blames Foul Play

ZAGREB, July 30, 2018 -The Croatian blue-chip civil engineering company Ingra said on Monday that an Algerian investor had unfoundedly, unilaterally and contrary to contract stipulations called for the payment of bank guarantees in a project involving the construction of a hospital in Algeria and terminated the contract with that Croatian construction company.

The basic contract for the construction of the medical facility, worth 56 million euro, was signed in 2011. An annex to the contract, worth 10.12 million euro, was signed in 2017 and it enabled Ingra to continue with the construction work on the hospital for another 14 months, together with its partner Tehnika.

Given that the Algerian investor has terminated contracts with other foreign, primarily European contractors, in a similar fashion, Ingra is convinced that this is a political act which prevents foreign investors to realise their rights and interests within the frameworks of the investment projects.

Ingra will therefore use all legal means available to protect its interests.

 

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