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Court overturned ruling to UBS Corp. case

The Slovak Defence Ministry does not have to pay the American UBS Corporation a commission worth $2.6 million for the import of eight military aircraft from the mid-nineties, news wire TASR has reported.

The Bratislava Regional Court has overturned a lower-court decision that upheld a UBS lawsuit filed on April 28, 2000, for commission on the import of eight MiG-29s from Russia.

The deal was part of the settlement of Russia's Soviet-era debt towards Slovakia.

UBS obtained the receivable from Russian-Slovak company Katrim Stella, which mediated the import of the MiG fighters during the former government of Vladimír Mečiar.

Mikuláš Dzurinda's first government decided in December 2000 not to pay the commission, while Katrim Stella transferred the claim to UBS.

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

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