Bahrain Mirror: A Bahraini judicial committee has begun legal proceedings against an investor who has failed to commit to his obligation to pay the auction value of the stalled Amwaj Gate project, after making a bid of 22.5 million dinars at an auction last month, which led to holding the auction again for a fifth time at the same price, without any buyers making a bid.

The M-Tech services company, represented by a foreign investor, was supposed to pay the pre-value of the project first and then pay the value of the project in whole within a month, yet this did not take place, prompting the Committee for the Settlement of Stalled Real Estate Projects, a judicial committee, to re-auction.

The company is expected to incur at least 3 million dinars as a result of its failure to pay the value of the project in the bid it won, as the company is deemed the buyer of the project and is obliged to pay the difference between the auctioned value of 22.5 million dinars and the value at which the project will be sold after re-auctioning, which will be less than this amount by at least 10-15%, as expected.

Arabic Version