River Overflow

Amsterdam, Netherlands: (Nov-15-07) The German government brought charges against Royal BAM NV, after the Schurmann Complex in Bonn was damaged when the river Rhine overflowed its banks in December 1993. As part of a settlement reached, a Bonn Court ordered Royal BAM NV to pay the German government 55 million Euro to resolve the property damage lawsuit. Records show that the Cologne Court issued a decision in April 2001 that directed the German government as the client and HBG, which BAM acquired in 2002, as the builder to assume an equal share of the damages to the Schurmann 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. Sources revealed that the relevant German ministries and the BAM Group have accepted the arrangement proposed by the court in Bonn, resolving all further claims against each other. [FORBES: RIVER OVERFLOW]

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Published on Nov-16-07