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On October 5th SNS Property Finance appropriated the 50% shares1 owned by Multiplan in the Belval Plaza Holding. This appropriation is due to the noncompliance with payment obligations by Multiplan and the Belval Plaza project companies and the impossibility to reach a constructive agreement with Multiplan. Therefore, Multiplan’s involvement as a shareholder and/or manager of the Belval Plaza Project has come to an end. However, the further completion of the Belval Plaza project will be ensured. Currently all imperative steps have been taken to ensure that the Belval Plaza companies will have the funds necessary to comply with their obligations towards tenants, buyers, relevant contractors and other involved parties. At the beginning of 2009 Multiplan ran into liquidity problems and...
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