Updated at 14:52,24-02-2021

Lukashenka imposes $2 mln 'fine' on Iranian investors


As a group of Iranian investors missed the construction deadline for a multifunctional hotel and business centre they are to erect a building of the Supreme Court at their own expense, President Aliaksandr Lukashenka ordered.

Investment project 'Magnet Minsk' is one of the most expensive foreign projects in the Belarusian capital (€ 250 mln). It is expected to be a giant centre (about 200,000 m2) in the vicinity of the National Library. According to the project, the centre will include two towers with offices and a hotel; a hypermarket, a cinema and a skating-rink being between the towers.

But Kayson, an Iranian engineering and construction company, failed to meet the deadline of 2013. the Belarusian President issued a decree extending the facility completion deadline till 2016. In its turn, the investor should provide the Republic of Belarus with $2 mln ... for 'projecting and construction of a new building of the Supreme Court'.

In accordance with Lukashenka's Decree No 10, big investors have unprecedented priviledges in Belarus, e.g. land lease without auctioning, lack of land tax and compensation for deforestation, no duties on machinery imports, etc.