Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Castellon Airport : Generalitat Valenciana shirk compensation payments

Source: El Economista - Sat 6th Apr 2013
Castellon Airport : Generalitat Valenciana shirk compensation payments

The €80 million compensation package due to be paid by Castellon airport to for relieving airport concessions (Conaer) from operating the facility, has not been budgeted for by the Generalitat Valenciana, despite being agreed to in principal many months ago.

Regional Vice President, José Císcar, said yesterday how the auditor considers the payments not to be "Bills", and therefore to fall outside the regional budget for 2013.

So who will pay, and when ?

The auditor's refusal to pay the agreed compensation has understandably angered Air Concessions, causing it's largest shareholder - Globalvia - to meet with the Ministry of Finance to obtained their verbal approval for taking legal action. As such court action against the Generalitat forcing the payment is expected to take place in the coming weeks.

Airport Concessions sued the Licence holder of Castellon Airport - Aerocas, which is 99% owned by the Generalitat - following termination of their contract to operate the facility in December 2011.

One issue that has seemingly not been addressed is this : Further to actually financing the construction of the inactive Airport itself, the taxpayers of the Valencian Community must now also pay the agreed €80 million - On top of any likely penalty fees, interest charges and legal costs incurred by the Generalitat's refusal to meet their obligations.

Read further Castellon Airport news by clicking the link >> HERE <<.

Comment on this Story

Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Topics

Related Articles

Related Blogs