At the beginning of 2009 Multiplan ran into liquidity problems and several subcontractors of Multiplan interrupted the execution of the work on site. This was the result of difficulties encountered by Multiplan in the management of the construction process that ultimately resulted in delay and costsoverruns.

Despite the fact that it had no legal obligation to do so, SNSPF intervened willingly to solve the problem as a result of which the works on site were resumed.

As to the allegations made by Multiplan in the press, SNSPF can only confirm that it has not received any official notification or writ and that it strongly denies having committed any wrongdoing or breach of contract that would make it liable towards Multiplan. SNSPF reserves all its rights and causes of action against people and entities who keep on spreading false rumours and manipulating the facts in order to cause turmoil amongst the stakeholders in the project.

Finally, it should be absolutely clear that SNSPF’s decision to change its strategy, announced in mid August, to reduce its foreign activities in a controlled, yet determined manner, and to focus on the Netherlands, is irrelevant. As announced previously, SNSPF will comply with the existing agreements and arrangements abroad, also in the case of Belval Plaza. SNSPF strongly believes in the successful completion of Belval Plaza and will take all necessary steps in order to ensure a bright future to this landmark project.