Spectator on facebook

Spectator on facebook

Miškov: Deutsche Telekom refused to pay out dividends to Slovakia

The majority shareholder of Slovak Telekom – German company Deutsche Telekom, which owns a 51-percent stake in the country's dominant landline operator – outvoted Slovakia at the company's general meeting on Thursday, April 28, and refused to pay out undivided retained earnings and dividends worth €258 million. It did not explain its decision.

The majority shareholder of Slovak Telekom – German company Deutsche Telekom, which owns a 51-percent stake in the country's dominant landline operator – outvoted Slovakia at the company's general meeting on Thursday, April 28, and refused to pay out undivided retained earnings and dividends worth €258 million. It did not explain its decision.

News of the unpaid dividend was provided by the Economy Ministry on the same day. The ministry owns 34 percent of Slovak Telekom, with the remaining 15 percent belonging to the Slovak Property Fund (FNM). Economy Minister Juraj Miškov (Freedom and Solidarity (SaS)) said that he was taken by surprise by the decision, which he views as an abuse of the dominant position of the majority stakeholder. According to him, Slovak Telekom has enough financial means at its disposal from the profits from previous periods that weren't paid out to shareholders. Miškov also pointed out that Slovakia needs every euro in can get at the moment in order to consolidate its public finances.

"Thursday's voting confirmed my conviction that Deutsche Telekom has been misusing its position as the 51-percent shareholder. Also, by taking this stance, they [Deutsche Telekom] confirmed the fact that Slovak Telekom is a golden goose that is, however, unable to lay golden eggs," said Miškov, as reported by the TASR newswire. He added there was no rational reason for the dividends from Slovak Telekom not to be paid out.

Finance Minister Ivan Mikloš (Slovak Democratic and Christian Union (SDKÚ)) said at a press conference on Thursday that he expects another round of negotiations with Deutsche Telekom to take place. Mikloš is said he remained convinced that the remaining 49-percent stake of Slovak Telekom should be sold.

Source: TASR

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

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Another For a Decent Slovakia protest was also joined by farmers

People took to the streets for the eighth time.

Farmers with tractors awaited the protesting crowd at the SNP Square in Bratislava.

V4 politicians are not even willing to help fellow Europeans

To give equal weight to the concerns that a Slovak or Czech feels about migration with that of an Italian or Greek is like having equal sympathy for a hypochondriac and a cancer patient.

Prime ministers of V4 countries and their Austrian counterpart.

Coronations return to Bratislava Photo

This year Bratislava will recall the coronation of Leopold II, the younger son of Maria Theresa.

Bratislava will again enjoy re-enactment of coronation ceremony

Police detain another person in promissory notes case

Ex-director of private broadcaster TV Markíza, Pavol Rusko, was detained shortly after being heard.

Pavol Rusko