Battle for PTC shares moves to the US federal court

"Our losses amount to as much as USD 2.5 billion and according to the law we may demand up to three times more," said Vivendi's board chairman Jean-Bernard Levy. Vivendi claims that T-Mobile and Elektrim illegally appropriated PTC shares. "Vivendi asks the court for a simple decision: give us our money or our shares in PTC back. Honesty and justice must win," said Levy. The French claim that they have the evidence that the illegal agreement was concluded in the USA. Several years ago Elektrim transferred its telecommunication assets to Elektrim Komunikacja, which was later taken over by Vivendi. However, the court of arbitration ruled that the transfer of assets was not valid and Elektrim took over the shares of PTC claiming that Vivendi knew about the legal risk. Elektrim representatives are now dismissing the charges brought forward by Vivendi. "I cannot comment on the suit as I do not know its content," said Elektrim's Ewa Bojar. "I do know, however, that it is Vivendi that  disrespects, deforms and ignores court verdicts." (Puls Biznesu, p. 12) E..B.