The Tel Aviv District Court has issued a temporary injunction against the company's win in a municipality BOT tender.
The Tel Aviv District Court has issued a temporary injunction against an agreement between the Tel Aviv municipality and Ahuzot Hahof Ltd. with Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) to build a 400-place five-storey public parking garage on Rothschild Boulevard. Africa-Israel was to build the parking garage under a BOT (build, operate, transfer) tender.
Shafir Civil & Marine Engineering Ltd., which submitted a competing bid, asked for the injunction and asked the court to void Africa-Israel's win in the tender for the project. Shafir claims that Africa-Israel's bid contains two fundamental flaws: it filed its bid late by five minutes, and its bank guarantee exceeds the time period stipulated for extension in the tender.
Published by Globes [online], Israel business news - www.globes-online.com - on February 3, 2008
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