Poland: Eureko does not agree to renegotiate settlement

APA - Austria Presse Agentur
27-01-2005, 15:33

Warsaw (Puls Biznesu) – Yesterday, Jacek Socha, Poland’s Treasury Minister met again Ernst Janses, the deputy CEO in Eureko, Dutch holding owning 31 percent in the insurance company PZU. Polish side wanted to renegotiate the settlement reached at the end of 2004, which would stop the arbitrary procedure in Stockholm.

Warsaw (Puls Biznesu) – Yesterday, Jacek Socha, Poland’s Treasury Minister met again Ernst Janses, the deputy CEO in Eureko, Dutch holding owning 31 percent in the insurance company PZU. Polish side wanted to renegotiate the settlement reached at the end of 2004, which would stop the arbitrary procedure in Stockholm. The Dutch company accuses the Polish government for improper treatment of foreign investors. Eureko claims that the government promised to sell it another 21 percent stake of PZU shares.

Jacek Socha explained that the settlement had to be changed because the IPO of PZU planned in June may be postponed. A parliamentary commission has started works over the privatisation of PZU. ‘An IPO needs peace, otherwise the price would not be adequate’, Jacek Socha explained. The Dutch company did not agree for any changes. ‘We did not agree to renegotiate the agreement. The settlement was reached with many compromises on our side, too’, Lorrie Morgan, Eureko spokesperson said.

Poland’s Treasury Minister proposed the Dutchmen to cancel the arbitrary proceedings. MPs demanded withholding the process until the parliamentary commission ends its works. ‘Arbitrary proceedings and a parliamentary commission are two separate things. They have nothing in common. There is no need to cancel court proceedings’, Lorrie Morgan said. Polish ministry refused to comment on the results of the meeting. Both sides have until February 7th to send their final documents. If a settlement is reached before, the court proceedings will be stopped.

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Podpis: APA - Austria Presse Agentur

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Puls Inwestora / Poland: Eureko does not agree to renegotiate settlement