Court victory paves way for Ruch privatization program

On December 31, 1996 the Treasury signed a preliminary agreement on the terms of the sale of Ruch shares to HDS-WP, including a draft of the future deal. Shortly afterwards, the Treasury abandoned its negotiations with HDS-WP and announced a new tender to sell Ruch. Meanwhile, HDS-WP filed a lawsuit, demanding that the court execute what the company considered the Treasury's obligation to sell Ruch shares. On Friday, the court dismissed HDS-WP's case, pointing out that the document signed in 1996 did not even specify a date for the final privatization deal to be signed. Although this ruling will be appealed by NFI Emplik Media & Fashion, which controls HDS-WP, the Treasury nevertheless believes that it will pave the way for privatization of Ruch and it has announced that it will start work on the final privatization strategy. (Gazeta Wyborcza, Nov. 6-7, p.33) T.J.