KIB-TEK seizes 222,050 Euro collateral of LED lighting company
KIB-TEK has seized 222,050 Euro collateral of the company responsible for supplying the 45,000 LED street lighting fixtures because they did not supply them on the date specified. 
A statement from KIB-TEK, said that the tendering process had been carried clearly and unbiased and the board had signed a contract with the company. All their contracts until now had been ones in which the customers would not be negatively affected and the organisation would not be left in debt.
The company in question however did not deliver on the agreed date and therefore their collateral was seized. KIB-TEK had signed a deal worth 4 million 441,000 Euro. Now the company will be unable to take part in the tenders for a year.
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