BUSINESS BRIEFS

Court overturns ruling in UBS 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 in the mid-nineties, news wire TASR 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 receivables from the 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.

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