The Paris Court of Appeals has estimated that the ‘Joint Venture’ formed by Ohla and Rizzani de Echer must proceed to the disbursement of compliance and advance guarantees within the contract Jamal Abdul Nasser Street, as asked by the state of Kuwait.
According to the sentence that the Court has issued this Friday, The request for blocking of said guarantees is dismissed of compliance and advance and precautionary measures are lifted In this operation, so the ‘Joint Venture’ must proceed to disbursement.
The state of Kuwait intended to execute guarantees worth 39.8 million euros -Aval of ‘Performance’ of 35.9 million euros and advance of advance of 3.9 million euros-, but the Paris Trade Court applied precautionary and Ohla did not have to make any disbursements.
However, on December 20, the court raised precautionary measures “Under the thesis of the sovereign immunity of the foreign state”which forced the consortium to file an appeal before the Court of Appeal, achieving again precautionary measures and temporarily avoiding the payment of those guarantees.
The endorsement, of which Ohla responds from approximately 35.3 million eurosand the advance, which responds from approximately 3.9 million euros, were executed by Kuwait on July 31, 2024 and have remained blocked by French justice to date.
The contract led to the construction of a road in the capital of the Asian statewhich has been delivered and in operation since September 2021, being an infrastructure that runs on the current layout of Jamar Abdul Nasser Avenue, in the urban field of the city of Kuwait, northeast-southwest.
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