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Slovak PM Fico urges opposition parliamentary vice chair to step down

Xinhua, April 14, 2015 Adjust font size:

Opposition Christian Democrat leader Jan Figel should step down from the post of Parliamentary Vice-chair, in order to assume political accountability for the situation in which small creditors of Vahostav-SK construction company have found themselves now, announced Slovak Prime Minister Robert Fico at a press conference on Tuesday.

Fico went on to explain that a major part of contracts between Vahostav-SK and small firms and sole traders as its suppliers was inked between 2010-2012, when the Transport, Construction and Regional Development Ministry was headed by Figel.

According to Fico, Figel was supposed to push the prices of motorway construction projects down for the sake of showing to the public that he is capable of building them inexpensively.

Construction company Vahostav has ended up in restructuring proceedings because of a 58 million euro( 61 million U.S. dollars) loss suffered due to state contracts via which the firm committed itself to build highways at prices lower than the real costs.

In line with the restructuring the company is due to pay back 15 percent of the money owed to small firms and to sole traders, which represents 15.7 million euros.

Secured creditors, the most notable of which are banks, are to receive 100 percent. Overall, Vahostav-SK plans to pay back 32.3 percent of its debts, or 43.9 million euros. The total debt is over 136 million euros.

A meeting of all creditors, who must approve the latest plans, will take place on April 30. (1 euro = 1.05 U.S. dollars) Enditem