The company responsible for the construction of “Rail Baltica” on the territory of Latvia terminates the contract with the designer of the regional mobility points

EDzL states that the termination of the contract is related to the insolvency of one member of the company association and the unwillingness of the other to take over the obligations.

The company states that after an open international tender in November 2022, the construction design of the regional mobility points of “Rail Baltica” was entrusted to the association of individuals “Rere Ineco”, which consists of SIA “Apex Building” (formerly “Rere vide”) and the Spanish company “Ineco”, for 3.6 million euros.

On March 14, 2024, the Riga District Court declared “Apex Building” insolvent. According to the representatives of EDzL, in such cases the contract allowed to renew it and entrust all the works provided for in the contract to the other member of the association, but “Ineco” did not undertake these obligations.

EDzL is currently evaluating several scenarios for further actions to continue the design of regional mobility points.

So far, construction projects of 17 “Rail Baltica” regional mobility points have been developed in the minimum composition, construction permits and technical regulations have been received from the parties involved, including the necessary engineering studies and development of a full-fledged construction project for 11 stations, informs EDzL.

Data from the State Revenue Service (SRS) show that “Apex Building” had a tax debt of 378,108 euros on April 23 of this year.

In 2021, “Apex Building” worked with a turnover of 17.636 million euros and suffered a loss of 247,354 euros. The company’s financial data for 2022 and 2023 have not yet been made public, according to “Firmas.lv” information. The sole owner of the company since October 2023 is Deniss Kikots, while before that the sole owner of the company was “ReRe group”.