Warsaw (Puls Biznesu) – The treasure is not going to pay record settlement to listed MCI fund for the losses caused when JTT computer producer went bankrupt. Lawyers do not agree with the government’s arguments.
The conflict between MCI Management, the listed venture capital fund, and the Ministry of the Treasure to pay a settlement because of losses caused by the bankruptcy of JTT Computer (the company went bankrupt due to improper decision of tax authorities) is getting more serious. The General Prosecutor’s Office submitted an appeal against the court’s decision to pay PLN 38.5m (EUR 10.1m) to MCI.
“MCI Management has no rights to receive such settlement because it is not the fund who was adversely affected. Only JTT Computer has such a right and while its bankrupt – it is its bankruptcy offices”, Marcin Dziurda, the General Prosecutor’s Office CEO said.
MCI wants to fight. The holding demands PLN 38.5m of compensation, including PLN 10.2m for the losses incurred when the share price dived, and PLN 28.3m – of the potential income it has lost. MCI filed a suit in October and offered a settlement but the General Prosecutor’s Office did not like it. The court decided on October 31t that the tax authorities in Wroclaw should pay MCI PLN 38.5m.
“Last Tuesday, we submitted a protest against the court decision”, Marcin Dziurda said.
However, lawyers agree with MCI rather than the General Prosecutor’s Office.
“Ex-shareholder has a right to demand compensation. He should only prove that there was connection between the decision of tax authorities and his loss”, Dorota Szubielska from Chadbourne & Parker lawyer’s office said.
Another lawyer supported her view.
“Ex-shareholders of JTT can demand compensation if their losses were generated due to wrong decisions made by tax authorities”, an anonymous specialist said.
Today, the joint settlement demands from people and companies against the state amount to PLN 4 billion. The former JTT shareholders demand PLN 92m.
(PLN 1 = EUR 0.262)