Elektrim ends Vivendi's right to represent it at arbitration proceedings

"We do not trust our partner. Breaking off the agreement does not mean war. We are just taking more care of our business," said Zygmunt Solorz-Żak, the head of Elektrim's supervisory board. The cancellation of the agreement is Elektrim's response to yet another arbitration case which began last year and which relates to Vivendi's request to examine if Elektrim controls a stake of 49% or 51% in Elektrim Telekomunikacja (ET), which in turn holds a controlling stake in Polska Telefonia Cyfrowa, the operator of the Era mobile phone network. If the tribunal proves Vivendi right, the French company will not have to share power in ET with Elektrim, as was stated in the last investment agreement. (Puls Biznesu, p. 7) A.K.