BAM delighted with arrangement concerning Bonn Schürmann Complex claim settlement
Bunnik, The Netherlands, 15 November 2007 – The relevant German ministries and Royal BAM Group have accepted an arrangement proposed by the Court in Bonn concerning the settlement of damages to the Schürmann Complex in Bonn incurred when the river Rhine overflowed its banks in December 1993. The Court has established the settlement today.
The construction of the Schürmann Complex was undertaken by HBG, which was taken over by Royal BAM Group in 2002. Under the arrangement, BAM will pay the German government €55 million (including interest), in addition to which the parties will dismiss further claims against each other. This amount is within the estimates used by BAM for this purpose and is covered by an insurance payment. Royal BAM Group's Executive Board is delighted that on the basis of this arrangement, the legal proceedings are now closed.
In April 2001, the Court in Cologne issued a decision that directed the German government as the client and HBG as the builder to assume an equal share of the damages to the Schürmann Complex as part of any claim settlement. This decision became final in mid-2003 after the German Federal Supreme Court in Karlsruhe decided not to hear an appeal against the decision.
The establishment of legal liability allowed the Court in Bonn to proceed to determine the amount of the damages initiated. The government initially asked for an amount of compensation for damages that was significantly higher than considered reasonable by Royal BAM Group. BAM was supported in its opinion by a proposed settlement arrangement prepared by the Court in Cologne, but that had been rejected by the government. The current arrangement is in line with the earlier proposal.
Further information:
- press: A.C. Pronk, + 31 (0)30 659 86 21;
- analysts: P. Juge, + 31 (0)30 659 86 01.