The destroyed Industrial Palace is to be restored by 2010 after the fire

Publisher
ČTK
21.10.2008 13:55

Prague - The Industrial Palace, destroyed by a recent fire, is to be restored by Incheba using insurance funds, by the end of September 2010. This follows from a proposed amendment to the lease agreement for the Exhibition Grounds in Holešovice with Incheba, which was approved today by the council of the capital city of Prague. According to the amendment, Incheba would commit to using all insurance payouts from the fire for the repair of the building, with any remaining funds possibly covered from its own resources. The Prague magistrate will still negotiate the signing of the amendment with Incheba.
“If the cost of the construction exceeds the insurance amount, Incheba will cover the difference from its own funds,” states a press release from councilor Milan Richter. If the invested amount is lower than the insurance payout, Incheba should transfer the remaining insurance amount to Prague.
The fire, which destroyed the left wing of the Industrial Palace at Prague's Exhibition Grounds last Thursday, was most likely caused by a technical malfunction, according to the police. The fire started in one of the exhibition booths that was part of the dental technology fair Pragodent. It is said that there were flammable sprays for cleaning dental office equipment in the booth, which exploded in the fire. The left wing of the historic building was burned down, leaving only part of the surrounding walls.
According to initial estimates, the fire destroyed property worth up to one billion crowns. Incheba stated on Friday that the entire Exhibition Grounds complex was insured for 2.5 billion crowns.

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