Warsaw (Puls Biznesu) - Eureko, the Dutch holding owning today 31 percent in PZU, Poland's largest insurer, presented its claims yesterday.
We demand to be sold 21 percent in PZU for PLN 2.1 billion, the same price as in 2001 when the agreement was made. We also expect the company to be listed till June 30th 2006. It will not fully compensate our losses caused by the Polish government which failed to execute our previous agreements. We estimate the losses amount to PLN 6 billion (EUR 1.5 billion), Ernst Jansen, Eureko deputy CEO said.
The level of the compensation would increase Poland's budget deficit by 20 percent.
It also means that the sale of PZU will not generate planned revenues.
The price proposed by Eureko evaluates PZU at PLN 10 billion while today it is worth PLN 30 billion, an anonymous lawyer commented.
The compensation conditions are much different from those negotiated by Jacek Socha, the former Minister of Treasure in December 2004. They provided for IPO in June 2005 and allowed Eureko to have up to 40 percent in PZU. 5 percent were to be sold to EBRD.
(PLN 1 = EUR 0.251)