Achmea presses Eureko's claim against Treasury Ministry

At the end of 2005 the Arbitration Court in Brussels ruled that the Polish government violated the terms of the contract. Achmea, with a 46.1% stake in Eureko is its largest shareholder. Achmea claims that "Apart from Eureko's losses, its shareholders also incurred damages which cannot be compensated by the ruling issued in the arbitration proceedings." As a result of the delay of the PZU privatization Eureko's value fell by at least 15% which meant around a EUR 600 million loss for Achmea. The Polish Treasury Ministry rejected Achmea's claims and stated that they are groundless. Achmea declares its wish to settle the dispute amicably. However, it is unlikely that the State Treasury will agree to Achmea's solutions. Therefore, it can be expected that Achmea will take the case to court in the Netherlands. (Parkiet, p. 5; Puls Biznesu, p. 11) E.B.