Deutsche bank not to withdraw from business - "Alpine" starts to build Horgoš - Požega highway on April 1st

Construction of Horgoš - Požega highway was under question mark in the last couple of days because of the statement given by Deutsche bank that it intends to revoke its guarantee given to concessionaire "Alpine Myreder" due to unstable political situation in Serbia.

Deutsche bank, which would have to provide the 10m EUR worth of guarantee by the end of this month in order for "Alpine" to meet its contractual obligations and start construction of the first two highway sections, allegedly demanded that the guarantee should be provided directly by "Alpine", while it would join the project in 2009, if the circumstances in the country got normalized.

However, Nevenka Sinđić, the CEO of "Alpine" in Serbia, said yesterday (March 12, 2008) that those quotes were inaccurate, pointing out that Deutsche bank would provide money for the guarantee, as it had been planned, that it would not withdraw from the business, as well as that the preparations for construction went as planned.

Although she did not want to give comments on the position of the bank, she confirmed that there would be some changes in the contract, as requested by Deutsche bank, and she explained that it was common procedure, since not all the details had been specified before.