News

05. January 2009

Construction of Concert and Conference Centre suspended temporarily

In the past few months, discussions have been underway with Austurhöfn TR, the forum for collaboration between the Government of Iceland and the City of Reykjavík for the construction and operation of the Concert and Conference Centre (CCC). The focus of the discussions is Austurhöfn’s acquisition of the holding company Eignarhaldsfélagid Portus, which is a party to the project agreement with Iceland Prime Contractor for construction of the CCC complex. The discussions have not yet been concluded, as they are very complex and involve a large number of parties, such as the Government of Iceland, the City of Reykjavík, the old Landsbanki, NBI (the new Landsbanki), and IPC, among others. 

IPC has participated in some of these discussions and has demonstrated considerable understanding and patience. The Company has not received payment for its work on the CCC project in three months and has therefore been forced to postpone the work that was to begin today, 5 January, at the end of project employees’ Christmas vacation, as the pertinent agreements have not yet been concluded.

Well over 200 employees of IPC and subcontractors have worked at the construction site, in addition to the large number of subcontractors who have worked on the project at other locations. IPC employees will be transferred temporarily to other Company projects. Iceland Prime Contractor hopes construction will begin once again in the next few days.

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