THE SUPREME COURT GRANTS KIINTEISTÖ OY VILHONKATU 7 LIMITED LEAVE TO APPEAL THE RULING
STOCK EXCHANGE RELEASE NOVEMBER 24, 2006 16:15
THE SUPREME COURT GRANTS KIINTEISTÖ OY VILHONKATU 7 LIMITED LEAVE TO APPEAL THE RULING OF THE HELSINKI COURT OF APPEAL ON THE REFURBISHING OF VILHONKATU 7 IN 1999
In its ruling on November 17, 2006, the Supreme Court has granted Kiinteistö Oy Vilhonkatu 7 limited leave to appeal the ruling of the Helsinki Court of Appeal on the refurbishing of Vilhonkatu 7 in 1999.
In its ruling on February 14, 2006, the Helsinki Court of Appeal ordered Kiinteistö Oy Vilhonkatu 7 to pay compensation to YIT for the conversion and additional works involved in the refurbishing of SOKs former head office property in 1999 as well as the costs caused by the lengthening of the duration of the contract, with interest, and trial costs.
On the basis of the ruling by the Helsinki Court of Appeal, SOK paid EUR 11.1 million to YIT on February 15, 2006. The amount will not be recognized in the result until a final ruling is made.
YITs previous stock exchange release on this matter was published on April 18, 2006.
Veikko Myllyperkiö Vice President, Corporate Communications
Distribution: Helsinki Stock Exchange, principal media, www.yitgroup.com
YIT is the largest Finnish and significant North European construction company. We develop and build apartments and living services, business premises and entire areas. We are also specialised in demanding infrastructure construction and paving. Together with our customers, our nearly 10,000 professionals are creating more functional, attractive and sustainable cities and environments. We work in 11 countries: Finland, Russia, Scandinavia, the Baltic States, the Czech Republic, Slovakia and Poland. The new YIT was born when over 100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018. Our pro forma revenue for 2018 was approximately EUR 3.8 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com