Prague city councillors agree to industrial palace out-of-court settlement

26-04-2013

Prague City councillors on Friday agreed on an out-of-court settlement with insurance companies over the renovation of the industrial palace at Prague’s exhibition grounds. One wing of the palace was destroyed by fire several years ago. Under the agreement, the city will receive 280 million crowns compared to the 1.2 billion crowns or so the city was asking for before. The settlement comes after a court ruled that Prague had no right to compensation in the deal, as the site during the time of the fire, was leased to a private company.