MCI Management venture capital fund to sue tax authorities

APA - Austria Presse Agentur
11-11-2005, 10:26

Warsaw (Puls Biznesu) – MCI Management, Poland ’s listed venture capital fund from Wroclaw , western Poland , has chosen Consortio Lex lawyer office to fight in court with the Treasury. The fund demands compensations for its losses made on shares of JTT Computer IT company. The latter, once IT leader, went bankrupt due to mistake made by tax authorities.

Warsaw (Puls Biznesu) – MCI Management, Poland ’s listed venture capital fund from Wroclaw , western Poland , has chosen Consortio Lex lawyer office to fight in court with the Treasury. The fund demands compensations for its losses made on shares of JTT Computer IT company. The latter, once IT leader, went bankrupt due to mistake made by tax authorities. The sue against the Treasury will be filed in the first quarter of 2006.

 

MCI Management announced a tender for lawyer offices specializing in compensation cases with the Treasury. 32 Polish and foreign companies submitted their offers and Consortio Lex has been finally chosen. MCI had 40.38 percent of JTT Computer. It bought it at the end of 1999 and the beginning of 2000 PLN 10.2m (EUR 2.5). In June 2004, when JTT went bankrupt, MCI had to sell the shares for PLN 45,000.

The shares value fell so much because the company got destroyed by tax authorities. The loss connected to share price amounted to PLN 10m. This is the compensation we will demand at least. Probably, we will add here lost earnings because JTT would bring big profits now. The level of the compensation demand may therefore increase, Andrzej Lis, MCI CEO said.

 

Experts approve of MCI’s decision.

When there are no doubts that the decision made by tax authorities was illegal and it caused the loss of the taxpayer, it is necessary to demand compensation. It was illegal because the high court revoked the decision made by tax authorities. Unfortunately, the Polish courts have psychological barrier in ruling high compensations, especially in tax cases. This is bad because the losses here are great. Sooner or later, however, the courts will start ruling higher compensations, Witold Modzeleski, the head of the Institute of Tax Studies commented.

(PLN 1 = EUR 0.248)

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Podpis: APA - Austria Presse Agentur

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