Bank's pull the plug on Elektrim Megadex ZE PAK project

Megadex's obligations were taken over by Canadian SNC Lavalin, whose economic standing and credibility is not in question. However, now Elektrim's subsidiary has to return the down payments it received from the power plant. "They were used as a provision for contracts carried out for other companies, such as the power plant in Zielona Góra. This means that the bank guarantees can only be cashed after Megadex concludes other contracts it is working on," said Elektrim's president Piotr Nurowski. Megadex will not receive any more cash from ZE PAK and as a result has no money to finance new projects. "Due to this we had to resign from a contract in Lithuania which we decided to pass on to SNC Lavalin," added Nurowski. (Puls Biznesu, pp. 1, 8) M.M.