Orco and Croatian government declare ceasefire

In 2005, the company was set up in a PPP investment in which Orco agreed to help develop the tourist potential of the island of Hvar. In January this year, Orco went to arbitration for over EUR 32 mln in damages claiming the government had failed to meet its contractual obligations. The government subsequently lodged a counterclaim against Orco. “This is a significant step towards the ongoing financial and operational recovery of Sunčani Hvar. I thank the representatives from the State of Croatia who have diligently worked with me over the past few weeks to put together a roadmap that I trust will soon be formalised with a new shareholders’ agreement. With the arbitration proceedings suspended, we can focus our energies during the summer season on providing our guests to the island of Hvar with an exceptional experience,” said Jean-François Ott, the president and CEO of Orco.