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State and Enel headed for legal dispute

The state will contest in court the Sk2.5 billion it was ordered to return to Enel, the Italian company that owns the largest share of the Slovenské Elektrárne (SE) power producer.

Neither the Economy Ministry nor the government privatisation agency, the National Property Fund, is taking responsibility for the results of the audit made by Deloitte & Touche, the Pravda daily wrote on September 12.

The audit showed that at the time of the sale, the 66-percent SE share purchased by Enel had a lower value than the Sk31.4 billion than the Italian company paid for it.

The government can order further audits. However, those would cost several million crowns, which would come from the state’s pocket. Half the cost of Deloitte & Touche's audit was covered by Enel.

Lawyers would also have to provide their opinion on the audit, because it was based on the privatisation contract in English and the state used its Slovak translation.

-SITA

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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