MCI Management goes into battle over JTT compensation

JTT was a successful IT company which went bankrupt in 2004 after the tax authorities wrongly imposed a penalty of zl.10 million on the company for alleged VAT irregularities. MCI, which bought 40.38% of the JTT shares, had to sell them for only zl.45,000. "We lost zl.10 million only on the difference between the purchase and sale price of those shares. However, the real losses were much higher since JTT Computer would have generated considerable profit if it was still operating," stated MCI Management's investment director Andrzej Lis. According to Puls Biznesu, the company wants to claim not only zl.10 million but also zl.30 million for the so-called lost benefits. (Puls Biznesu, pp. 1, 4) E.B.