Eureko to sue Treasury for breaching privatization plan

The Eureko/BIG BG consortium is ready to file several lawsuits against the Treasury for breaking the terms of Powszechny Zaklad Ubezpieczen (PZU) privatization agreement. According to Eureko, the appointment by the Treasury of PZU supervisory and managing boards without Eureko representatives constitutes a breach of the privatization agreement and PZU statutes. Eureko, which holds a 20% stake in PZU, also claims that the Ministry broke the privatization agreement by filing a motion to annul it. "The [privatization] agreement states that charges should be presented to the other party 30 days before a court motion is filed. The time should then be used for talks leading up to a compromise. We had not received any notification from the Ministry," said Eureko executive director Ernst Jansen. (Puls Biznesu, p.4)