PowerBridge's ability questioned

  • 1999-03-04
VILNIUS (BNS) - The Lithuanian Finance Ministry has been asked by a government-appointed commission to check if the U.S. PowerBridge Group is financially capable of carrying out a power grid project.

The Economics Ministry will check whether the consortium has not dissolved and whether people who want to continue negotiations are legally authorized to do it.

The commission is due to present its conclusions on the implementation of the international project on March 10, the government's press office reported.

The commission headed by Kestutis Cilinskas, the government's chancellor, met with people representing the consortium's companies Feb. 26, the office said without giving their names.

The meeting was also attended by representatives of the Lithuanian Parliament, the presidential office and other institutions.

PowerBridge, which won a tender to build the electricity link with western Europe last spring, is due to find a strategic investor and to set up an energy company to carry out the power project until March 10.

The consortium had to notify the government in writing if it accepted the terms by Feb. 17, but it failed to do so.

PowerBridge representatives pledged that the consortium would meet the deadline of March 10. They also said the companies which make up the consortium had certain financial difficulties which had caused a delay in launching the project.