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Failure to complete Projects to become Punishable

Published: July 9, 2013 | 11:29 am
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Companies that cannot complete projects assigned to them could be held accountable for the failure to fulfill their obligations, TV3 has found out. A spokesman at the Ministry of the Economy has explained that the Ministry is currently holding talks with investors and with the Mayor’s Office about drafting a legislation which would oblige companies to complete the projects which they start. Failure to do so would result in the company forfeiting the plot of land that had been allocated for the project, and the said land then being auctioned off to another investor. The spokesman for the Ministry of the Economy has pointed out that recently, there has already been a noticeable increase in the companies’ willingness to resume various suspended construction projects. Precisely how many such projects there are, and which obligations have so far remained unfulfilled, will be revealed in detail by TV3, based on information obtained from the Ministry of the Economy, in the near future.

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