POSITIVE DECISION FOR SRV IN ARBITRATION PROCEEDINGS CONCERNING LATVIAN
CONSTRUCTION PROJECT
SRV Terbelat Sia, a subsidiary of SRV Group Plc has been engaged as claimant in
international arbitration proceedings in Berlin concerning a power plant
construction contract in Latvia with a Latvian customer SIA Juglas Jauda. SRV
suspended the work because of the customer's breach of the contract and
terminated the contract in Autumn 2007.
The arbitration tribunal has confirmed SRV's right to terminate the contract
and ordered the defendant to pay SRV approximately 1,4 meur for costs and
interest. The enforcement of the arbitration tribunal's decision has to be
applied in Latvian local court, where the customer has also started proceedings
based on the same contract against SRV.
SRV Group Plc
Eero Heliövaara
CEO
Additional Information:
Hannu Linnoinen
Senior Executive Vice President and CFO
Telephone: +358 50 5235 850
Distribution: Nasdaq OMX Helsinki, major media
