BUSINESS

Engineers’ fund offers backing to Kalogritsas

NIKOS ROUSSANOGLOU

TAGS: Business

The social security fund for engineers and public works contractors (TMEDE) has supplied the necessary letter of guarantee for the Kalogritsas construction group to undertake a section of a highway project in the Peloponnese.

The group’s Toxotis firm has secured the fourth project along the Patra-Pyrgos highway, concerning the Kyllini-Varda section, with a budget of 74 million euros including value-added tax.

Given the Kalogritsas group’s major financial problems due to the termination of liquidity provided by Attica Bank, in which TMEDE holds a 32.5 percent stake, it appears rather strange that the social security fund should renew the letter of guarantee for Toxotis. At the same time Attica Bank is exposed due to the letters of guarantee to the group that add up to more than 40 million euros.

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