KNF's Allianz decision upheld by court

In 2005, the German banking and insurance group Allianz AG created a new entity called Allianz New Europe Holding GmbH (ANE) which was to consist of insurance companies from nine regional countries, including Poland. ANE was to take over shares in Polish Allianz and Allianz Zycie and they were to take over the shares of ANE; however, the KNF declared that shares of the Polish insurance companies could only be acquired for money. "This is an absurd. With such an interpretation it would not be possible to, for example, inherit the shares since this would also be an acquisition of non-monetary resources," stated Piotr Hyrlik, a solicitor for the German group. However, the Voivodship Administrative Court ruled yesterday that the Commission was right in interpreting the existing regulations, although the verdict is not yet legally binding and may be appealed. (Puls Biznesu, pp.1, 7) E.B.