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Slovakia wins another legal case concerning Transpetrol shares

Slovakia was successful in another legal dispute concerning a 34-percent stake in Transpetrol company which had been claimed by a group of companies, the SITA newswire reported.

Slovakia was successful in another legal dispute concerning a 34-percent stake in Transpetrol company which had been claimed by a group of companies, the SITA newswire reported.

"We recently received the Supreme Court's decision to turn down the appeals of the companies Brilant and Tradeunion, which are members of the group of firms and persons around Ignác Ilčišin, against the decision of the Košice Regional Court. The Supreme Court's verdict thus confirmed the regional court's decision, which therefore became valid," the Economy Ministry told SITA.

Last May, the Košice Regional Court dismissed another lawsuit filed by a company belonging to Ilčišin, Gajus, concerning ownership of the Transpetrol shares and decided that Gajus, which is facing bankruptcy proceedings, was not the owner of a hundred Transpetrol shares and that these belonged to the state.

"This is another very important decision by Slovak courts, confirming the long-term opinion of the Economy Ministry that it is the sole, 100-percent owner of Transpetrol company. We believe that a final solution to the case is in reach and that the fifty or so legal disputes initiated by companies and individuals led by Mr. Ilčišin will soon stop burdening the state," the ministry stated.

Last year, an energy-focused investment fund, CAPPA Fund III registered in the US, also insisted that it owned the 34-percent Transpetrol stake in question. The fund's CEO, Steve Richards, called on the Slovak government to maintain transparency in the case. The dispute between Slovak state and a group of businesspersons surrounding Ignác Ilčišin from Vranov nad Topľou started in 1995. To read more about the case, please go to Struggle over Transpetrol shares .

Source: 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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