The Managing Board of OTI Greentech AG (WKN A0HNE8) was informed today that a court in Bergen, Norway, has declared the OTI Greentech subsidiary Rada Engineering & Consulting Bergen AS to be bankrupt. This is due to a tax receivable from Rada for a total of 1.7 Million Norwegian crowns (around EUR 180 thousand). Rada paid this amount in two installements before the deadline (the second installement was due on 4 October), however the tax office increased the second installement at short notice. As a result Rada did not pay the full amount, whick led to the tax office filling for insolvency. Rada’s management has disputed that it was informed oft the increase at short notice and a court hearing. With the exception of the tax office’s receivable, Rada did not have any other overdue payment commitments.
After reviewing the legal facts, OTI Greentech and Rada will considering disputing the court’s decision and suing for any damages. A decision by the court of next instance on the action four annulment can only be expected in two to three months’s time. In the interim period, Rada’s Management will initiate discussions with the insolvency administrator in order to transfer Rada’s Business to a new company with unchanged ownership structure.
OTI Greentech AG itself is not affected by ist subsidiary’s bankruptcy. OTI Greentech AG’s Managing Board will inform the market of the further developments.