Netia's claim against Millenium Communications thrown out by court

The Arbitration Court of the Polish Chamber of Commerce (KIG) has decided to dismiss the claim of telecom operator Netia against IT company Millennium Communications (MC) for zl. 8.5 million. In 2000, Netia planned to acquire 100% of MC for $20.2 million. However, Netia's business partners failed to register an increase in the company's capital. According to Netia, in doing so they broke an investment agreement and the case was filed with the court. After two months, Netia modified its motion and demanded zl. 8.5 million in compensation. At the same time, the Arbitration Court received a motion from Millennium, in which the company demanded termination of the agreement and compensation of zl. 11.5 million. The court ruled that the agreement to take over MC's shares was binding, but neither Netia nor Millennium had any right to financial compensation. "The court ruling in this way has not solved anything. And so we will fight to overturn the decision in front of the civil court," said Netia spokeswoman Jolanta Ciesielska. Netia is also demanding repayment of the loan given to MC, amounting zl. 11.5 million, which is the same sum demanded by Millennium in compensation. (Parkiet, p. 3) M.M.