ZEEVI TO PAY PENALTY TO BALKAN

Business | May 15, 2001, Tuesday // 00:00

Zeevi Holdings, owner of a 75% stake in Balkan Airlines, must pay $5,643,664 in damages, the Privatization Agency announced. The penalty was imposed for default on investment commitments for a year and a half, from the date of the agreement, June 30, 1999, to end-2000. The agreement sets damages at 30% of the investment pledged. The Agency`s Post-Privatization Control Directorate found that the report for 2000 did not answer the requirements of the agreement. No documents have been attached to it to prove the buyer`s outlays and investments.

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