Bosnian utility RiTE Gacko faces EUR 128.1mn in lawsuits - report.

By bne IntelliNews June 7, 2011
The potential costs that Bosnian coal mine and power plant complex Gacko (RiTE Gacko) might incur from filed lawsuits against it have reached KM 250.5mn (EUR 121.1mn) as at end-December 2010, newswire biznis.ba reported, quoting an audit report. These claims include a KM 115.4mn lawsuit by Czech energy company CEZ against Bosnian utility Elektroprivreda RS and RiTE Gacko with which it has established a joint venture for the failed project for extension of Gacko with the construction of a thermoelectric power plant. Some KM 113.6mn represent claims of investment funds, which are minority shareholders at RiTE Gacko. Another KM 15.2mn come from interest on late payments. These lawsuits have not been settled before the finalisation of the audit report. RiTE Gacko's net profit widened seven-fold to KM 2.1mn in 2010 from KM 0.3mn in 2009.
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