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| Settlement North/South metro project, Cologne (2009) The City of Cologne, Cologne Public Transport (KVB) and the joint venture ('Arge') that constructed a section of Cologne's North/South metro line have reached an agreement to settle all outstanding claims with regard to this project, including damages caused by the collapse of the building of the City archives on 3 March 2009. BAM's operating company Wayss & Freytag Ingenieurbau is a one-third partner in the joint venture carrying out this project. Under the agreement, each joint venture partner will pay the City of Cologne and KVB €200 million, after which the parties will dismiss further claims against each other. A substantial part of Wayss & Freytag Ingenieurbau's share is covered by insurance payments. For the remaining part, Royal BAM Group will take an exceptional charge in the 2020 accounts for an amount of approximately €40 million. BAM has repeatedly expressed its sincere regrets that two persons lost their lives as a result of this accident. The Executive Board considers the current agreement to resolve this long-standing and highly complex issue in the interest of all stakeholders, including BAM's shareholders. write your comments about the article :: © 2020 Construction News :: home page |