Ministry must decide on PZU real estate
Four days after Eureko signed a deal with the treasury to buy a 21 percent stake in PZU, the interior ministry received an application from the investor to receive its permission for the deal to go ahead. One of the clauses in the agreement is that the permission of the ministry must be obtained.
The delay in receiving the application was due to the complications with the vast amounts of real estate that PZU owns throughout the country. The application is not aided by the haphazard form of land registration in this country. The ministry now has the unenviable task of checking all of this real estate and deciding whether or not it is in the national interest to allow a foreign investor take it.
The ministry has theoretically two weeks in which to complete its task although it does have the right to lengthen this term if it so requires.