Vienna law firm says Slovakia could lose €216 million in emission quotas deal

The emission quotas scandal can drag on and on and without immediate legal steps being taken Slovakia could lose at least €216 million, said Rainer K. Wachter, the director of Vienna branch of the American law firm Skadden Arps Slate Meagher & Flom LLP on March 11, as reported by the TASR newswire. “There is no immediate end in sight for this case ... its duration will directly depend on the course of action Slovakia chooses to employ. We doubt that the (Interblue) company would go out of business without transferring such a lucrative trade on to another legal entity. Hence, there's a great possibility that the Interblue Group Europe or some other subject of law will appear in future and claim a legal succession vis-a-vis the contract on emission quotas sale. It can happen anytime, until these rights lapse,” said Wachter in reaction to the announcement that the new representatives of Interblue Group Europe regard the contract on emission quotas as still in effect, as evidenced by their statements on March 9. According to Wachter, it’s necessary for Slovak authorities to cooperate more closely with American authorities, particularly the FBI and Treasury Secretary, to learn more about the financial flows by scrutinising the way Interblue Group USA was taxed on its profits from the sale.

The emission quotas scandal can drag on and on and without immediate legal steps being taken Slovakia could lose at least €216 million, said Rainer K. Wachter, the director of Vienna branch of the American law firm Skadden Arps Slate Meagher & Flom LLP on March 11, as reported by the TASR newswire.

“There is no immediate end in sight for this case ... its duration will directly depend on the course of action Slovakia chooses to employ. We doubt that the (Interblue) company would go out of business without transferring such a lucrative trade on to another legal entity. Hence, there's a great possibility that the Interblue Group Europe or some other subject of law will appear in future and claim a legal succession vis-a-vis the contract on emission quotas sale. It can happen anytime, until these rights lapse,” said Wachter in reaction to the announcement that the new representatives of Interblue Group Europe regard the contract on emission quotas as still in effect, as evidenced by their statements on March 9.

According to Wachter, it’s necessary for Slovak authorities to cooperate more closely with American authorities, particularly the FBI and Treasury Secretary, to learn more about the financial flows by scrutinising the way Interblue Group USA was taxed on its profits from the sale.

Environment Minister Jozef Medveď last week said for the record that he deems the contract with the US company Interblue Group as being terminated after the company apparently ceased to exits in December and Interblue Group Europe (based in Switzerland) which said it is the successor has failed to deliver confirming conveyance papers to the ministry. TASR

For more info on this case, read Slovak Environment Minister says emissions contract with Interblue Group is terminated .

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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