Owing to the non-fulfillment of the contractual obligations, the Public Property Agency (PPA) on July 8 ended the contract for the concession of assets managed by the state-owned enterprise Chisinau International Airport and the adjoining area signed with SRL “Avia Invest”. The PPA requested “Avia Invest” to transfer back the Airport’s assets, IPN reports.

In a press release, the PPA says that on August 30, 2013 it signed a contract for the concession of the assets managed by the state-owned enterprise Chisinau International Airport and the adjoining area with SRL “Avia Invest”. Under the contract, the concessionaire will guarantee the financing of the concession throughout the period of validity of the contract in the set volume and by the set time limits, by providing the guarantee of execution of the contract at each stage.

“Avia Invest” didn’t fulfill the contractual obligations to erect the facilities specified in the investment program for the first and second investment stages, collecting about €66.2 million in overdue investments.

At the second stage, “Avia Invest” was to constitute a new guarantee of execution of the contract to the value of €1 million by December 31, 2019, but didn’t do this.

On April 14, 2020, the PPA issued a prior notice and asked SRL “Avia Invest” to fulfill the contractual obligation to constitute the guarantee of execution of the contract during 60 days. “Avia Invest” didn’t comply and at the start of May it was repeatedly notified of the necessity of fulfilling the contractual obligation.