SPEDU auctioned

Marcian Concepts has instructed sheriff or his deputy to attach and take into execution the movable goods of SPEDU and of the same to be caused to be realised by public auction the total sum of P31, 823, 337.71 following failure to reach compliance with contract requirements.

On February 11, 2021 Marcian Concepts slapped SPEDU with a P31, 823, 337.71 together with interest at the rate of 8.5 percent on a daily basis following failure to reach compliance with requirements of the contract. Through attorney Mompati Sepego, Marcian Concepts said the Phase 1 project would be fixed at P230, 531, 402.76 and the employer [SPEDU] shall make an advance payment as an interest-free loan for mobilisation and design when the contractor submits a guarantee in accordance with Clause 14 of the FIDIC [International Federation of Consulting Engineers] conditions of contract.