Warsaw (Puls Biznesu) – The Ministry of the Treasure rejected the offer to reach settlement with Achmea, the shareholder of PZU insurance company.
Yesterday, the court closed the settlement proceedings between Dutch Achmea, the shareholder of Eureko, and the Ministry of the Treasure. Achmea wanted the ministry to make up for losses it suffered after the Polish government failed to sell shares of PZU, which was promised in the privatization agreement signed in 1999.
“We refuse to sign the settlement”, Piotr Rodkiewicz, the lawyer representing the Ministry of the Treasure, said.
The Dutchmen wanted EUR 600m of compensation.
Achmea is going to demand compensation in the Netherlands. According to Willem van Duin, the member of Achmea’s board, the compensation sum may be higher.
In August 2005, the arbitrary court in Stockholm decided that Eureko was right in its clash with the Ministry of the Treasure. In November, the first proceeding was held. Eureko demanded PLN 6 billion (EUR 1.6 billion) of settlement and the possibility to be sold 21 percent of PZU but at a price of 2001.
(PLN 1 = EUR 0.261)