The termination of the contract is due to the insolvency of one member of the association and the unwillingness of the other to take over the obligations.
The design of the Rail Baltica regional mobility points (stations) was awarded to Rere Ineco, an association of Apex Building Ltd (formerly Rere Vide) and Ingenieria Y economia del Transporte S.M.E M.P., S.A., following an open international tender in November 2022. Ineco.
Apex building was declared insolvent on March 14 2024.
In such cases, the contract allowed for its renewal and for all the works provided for in the contract to be entrusted to the other member of the association, but Ineco did not assume this obligation. EDzL is currently assessing several scenarios for future actions to continue the design of the regional mobility points.
So far, 17 Rail Baltica regional stations have been designed in their minimum form, building permits and technical regulations have been received from the parties involved, and work has started on the necessary engineering studies and full construction design for 11 of them.
According to the State Revenue Service (VID), Apex Building had a tax debt of EUR 378,108 as of April 23 this year.
In 2021, Apex Building had a turnover of €17.636 million and made a loss of €247 354. The company's financial data for 2022 and 2023 have not yet been made public, according to Firmas.lv. Deniss Kikots has been the sole owner of the company since October 2023, while before that ReRe Grupa was the sole owner of the company.
