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Wed October 28 2020

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Costain gets overdue Belvedere payment as client is rescued by Japanese

21 Dec 10 Costain’s overdue £2.6m stage payment on its Belvedere waste-to-energy subcontract has now been paid after a Japanese company rescued its insolvent client.

The payment had been due on 10 December but was unpaid amid problems for its client on the project, main contractor AE&E Inova AG, whose parent company A-Tec Industries AG was in insolvency proceedings.

AE&E Inova has now been acquired by Japanese machinery producer Hitachi Zosen Corporation.

In a company statement, Costain said: “We welcome these positive developments and look forward to maintaining our constructive relationships with AE&E Inova and Cory Environmental, for whom the Belvedere facility is a development project.”

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