CROATIA Orco and the Croatian government have suspended legal proceedings and agreed to a roadmap regarding the future of Sunčani Hvar, a company listed on the Zagreb stock exchange in which both parties hold large stakes.
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
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