Warsaw (Puls Biznesu) – The Ministry of the Treasure presents new data to prove that Stephen Schwebel, the Dutch arbiter in the conflict with Eureko, is not impartial.
On December 22nd, the court in Brussels rejected the suit filed by the Polish Ministry of the Treasure (MSP) to exclude Stephen Schwebel from the arbitrary court. He was chosen by Eureko, the minority shareholder of PZU insurer. In August 2005, the tribunal decided that the ministry violated the mutual investment protection agreement signed between Poland and the Netherlands when it failed to sell Eureko a 21 percent stake of PZU.
MSP said that Mr. Schwebel advised to a New York lawyer’s office Sidley Austin Brown & Wood in another proceeding against Poland launched by U.S. Cargill. Now, MSP added that Mr. Brown is still working with Sidley Austin – in an arbitrary proceedings started by Vivendi against Argentina.
“In February 2006, Stephen Schwebel filed another motion, quoting the decision in Eureko case against Poland as a basis of his legal argument explaining the claims. Mr. Schwebel as Vivendi lawyer presents arguments against Argentina with the decision he wrote as an arbiter against Poland. The conflict of interest is obvious”, Pawel Szalamacha, the deputy Minister of the Treasure said.
Meanwhile, Eureko believes that the rejection of the suit against Stephen Schwebel is a signe the second part of the arbitrary proceeding should be launched in which the compensation for Eureko should be stated. The Dutchmen have initially estimated them at EUR 1.5-2 billion plus they want to be sold the stake in PZU at the old prices, i.e. at least PLN 3 billion (EUR 783m) below its current value.
(PLN 1 = EUR 0.261)
