Warsaw (Puls Biznesu) – The state does not want the settlement with MCI over JTT case. The compensation will be fought for in a court case.
A court case with no precedent may soon start in Poland. As early as this month MCI fund is going to demand PLN 40m of damages from the state which destroyed JTT, the computer producer. The Wroclaw tax authorities believe they are not guilty and want no settlement with MCI Management, the former shareholder of JTT.
“MCI’s demands are highly doubtful. I don’t know on what basis this astronomical amount was counted. Our client, UKS Wroclaw, is not going to look for a settlement and we believe the decision is right. In our opinion, the state is not guilty here. We are not afraid of a possible court case because the arguments are on our side”, Marcin Dziurda, the CEO of the General Prosecutor’s Office said.
“The day after tomorrow, the second court meeting over the settlement is held. Unless UKS and the prosecutor’s office change their mind, we will file a suit in September. To be honest, we expected things would go this way”, Andrzej Lis, MCI investment director said.
The listed holding demands nearly PLN 40m (EUR 10m) of compensation due to losses incurred on the stock of JTT. The company went bankrupt in 2004 after the Wroclaw tax authorities made a wrong decision. PLN 10m is the direct loss due to the difference of stock price. MCI bought the stake for PLN 10.2m and had to sell it for PLN 45,000. The tax authorities said that the computer producer was cheating on VAT. The highest court said the company did not break the law but it was too late for JTT which went bankrupt. MCI demands PLN 30m of the earnings it lost because JTT stopped to exist. Next to MCI, there are 20 former shareholders demanding several thousands zloty each.
(PLN 1 = EUR 0.251)