TP SA blow

Minority shareholder and co-founder of WP, Jacek Kawalec, told the Warsaw Business Journal: "This sustains our case that our claim should be honored by TP and they should not simply be allowed to walk away from an agreement that doesn't suite them." The domestic telecom giant indirectly controls 80% of the portal but has battled with fellow shareholders ever since they tried to enforce an option to sell their shares to TP. The telecom ran down WP to the point of bankruptcy, reducing the value of shares. But the shareholders responded by citing another agreement obliging TP to purchase WP's minority share package for $58 (zł.185) million if it launched a rival portal. Last week's ruling relates to the minority shareholders' claim that TP has launched a competitor to WP in the form of neostrada.pl, which TP says is simply a product service. "They could have used WP for their own good and increased its value but instead they damaged it," Kawalec said.