Finnish contractor Lemminkäinen and the State of Finland have settled a dispute concerning damages related to decisions in an asphalt cartel case.
As a result, both parties will withdraw their requests for leave to appeal and their appeals from the Supreme Court.
The decision made by the Helsinki Court of Appeal on 20 October, 2016, will therefore be final between the parties.
They said that with the settlement, they wished to end the long-running legal proceedings and avoid additional costs.
According to the settlement agreement, the parties do not take any stand on whether there were any grounds for compensation. The capital amount of the State of Finland’s claim was more than €56 million.
There are still 13 other pending requests for leave to appeal submitted by Lemminkäinen, as well as 19 requests for leave to appeal submitted by municipalities in the Supreme Court concerning the Helsinki Court of Appeal’s decisions on 20 October, 2016, regarding damages related to the asphalt cartel. Lemminkäinen requested leave to appeal to the Supreme Court at the end of the year.
Meanwhile, Lemminkäinen has signed a contract with services company Gals to construct a building in St Petersburg, Russia. The project will start in April 2017 and is scheduled for completion in May 2019. The parties have agreed not to disclose the value of the contract.
The building will contain approximately 750 apartments. In addition, there will be office premises, restaurants and sports facility for the public on the first floor. The building will have 18 floors in total. The gross area of the building is 24,400m2. The contract will also include the marketing and sales of built apartments.