Update: Adventure World Warsaw (AWW)

As announced last week, the market-listed company Royal Imtech N.V., a general contractor of AWW, had to postpone the publication of its 2012 financial statements and its Annual General Meeting of shareholders originally planned to be held in April this year. The reason given by Imtech for this is “an expected write-off of at least 100 million Euros” because of deficits in payment relating to four projects in Poland – with three projects for AWW as one of the main clients in this regard. A forensic investigation of the circumstances will be carried out. The CEO and CFO of Imtech Germany, who had direct management responsibility for the Polish activities, both resigned and left the company.

The management of AWW promptly reacted and was concerned at the publication of the “internal problems of companies from Imtech group that involve suspension in duties of the current board members of Imtech Poland”. Thus, AWW dissociates itself from Imtech's difficulties . Even if the problems related to the situation at Imtech would not be without influence on the construction of the AWW theme park, “the board of AWW remains confident that Imtech Poland will properly perform as a general contractor for AWW park construction and offers any needed assistance in investigation of irregularities”. Further it was stated that the construction of AWW was “a viable project that has all the needed security for issuance of construction permits”. The board of AWW assured that the project development phase of the park construction was to be completed this month and that the long-term financing would be secured in the second quarter of 2013 at the latest. Let’s hope the best for Adventure World Warsaw! (eap)