Poland loses case against Eureko

Poland has lost the case against Eureko in a Belgian Appellate Court.

The Court dismissed the second petition of the Polish government to revoke the unfavourable verdict of the International Arbitral Tribunal, which ruled two years ago that Poland, by preventing the completion of the privatization of the national insurer Powszechny Zakład Ubezpieczeń (PZU), violated the terms of the Polish-Dutch agreement.

The Eureko company, possessing 33% of PZU’s shares, has not yet received the additional promised 21%, which would give it control over the biggest Polish insurance company.

The International Arbitral Tribunal didn’t have time to rule how high a compensation the Eureko should receive, because Poland immediately questioned the verdict on the grounds that one of the arbitrators was biased, because he had been connected to the law office that conducted a case of an American company against Poland.

Poland also argued that the International Arbitral Tribunal did not have the authority to judge in this case, because according to the PZU privatization contract only Polish courts could do so.

Both petitions have been dismissed as groundless.

Source: polskieradio.pl