The remaining 25 per cent works of the Dhaka Elevated Expressway project, which would take less than a year to complete, has been at a near halt since early this year over disputes among three companies involved in it.
The 46.73-kilometre expressway project, from Hazrat Shahjalal International Airport to the Dhaka-Chattogram Highway at Kutubkhali near Jatrabari, was undertaken in 2011 to reduce traffic congestion in the capital and save time and money.
The deadlock that arose early this year following altercations between the three foreign investment and shareholding companies has yet to be resolved.
Project authorities said that 75 per cent of the project was finished till October 17.
The project is scheduled to be completed by June next year.
In Hatirjheel area near the BFDC level crossing, some workers were seen busy at the project site, while no works were ongoing at any other sites under the project.聽
Currently, the Thailand-based Italian-Thai Development Public Company Limited owns 51 per cent share of the project, while China Shandong International Economic and Technical Co-operation Group and Sinohydro Corporation Limited own 34 per cent and 15 per cent shares of the project respectively.
The First Dhaka Elevated Expressway Company Ltd, a joint venture of the Italian-Thai and two Chinese companies, is implementing the project under the supervision of the Bangladesh Bridge Authority.
The two Chinese companies are demanding the transfer of the Thai company鈥檚 share to them, as it defaulted on paying loan interest to two Chinese banks in the current year.
On January 28 this year, the Italian-Thai company filed a case with the High Court, challenging the demand of the two Chinese contractors for transfer of shares.
The Italian-Thai company has also filed a case with the Singapore International Arbitration Centre, challenging the same demand.
On May 16, the Appellate Division of the Supreme Court asked the three foreign companies to maintain the status quo over transferring the major shareholder鈥檚 shares to its co-contractor firms until May 30.
The Appellate Division on May 30 ordered the companies to maintain the status quo until the arbitration in Singapore resolved the share transfer dispute.
Elevated expressway project director AHM Shakhawat Akhtar told 抖阴精品 on Thursday that the Appellate Division dismissed the case on September 1.
鈥榁ery limited work is ongoing in the FDC crossing area as, due to the ongoing case at the Singapore International Arbitration Centre, the bank is not releasing money,鈥� he said.
He said that they were hoping for an interim judgement by the centre soon.
Akhtar said that they were hopeful that the rest of the works would be completed by June 2025 and added that they had no plan to extend the deadline of the project.
The expressway project was revised in 2013 due to alignment changes, and construction began in 2015 at an estimated cost of Tk 8,940 crore.
The three contractor companies signed loan agreements with the China Exim Bank and Industrial and Commercial Bank of China in March 2019.
The Airport-Farmgate section of the expressway had been inaugurated on September 2, 2023 and the exit ramp at Karwan Bazar, in front of the BFDC, opened to traffic on March 20 this year.
Since the opening till October 16, a total of 1,50,57,060 vehicles crossed the expressway by paying a total Tk 122.77 crore toll.
Among the vehicles, the highest 97.124 per cent were cars and microbuses followed by 2.038 per cent buses and the rest were other vehicles, including trucks.
On an average, 34,907 vehicles daily crossed the expressway, while the average daily amount of toll collected from the infrastructure is Tk 28.46 lakh.
