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State faces old dispute over chemical factory

The former biggest shareholder of the Chemko Strážske chemical factory, Zachem, sued the chemical factory, asking for damage compensation amounting to almost €30 million. The second defendant in this case is the state-owned National Property Fund, FNM.

The former biggest shareholder of the Chemko Strážske chemical factory, Zachem, sued the chemical factory, asking for damage compensation amounting to almost €30 million. The second defendant in this case is the state-owned National Property Fund, FNM.

“The local court has a proceeding concerning the compensation of Skk900 million,” secretary of the information centre of the District Court in Michalovce, Iveta Golásová, confirmed for the Hospodárske noviny daily. [Strážske lies in eastern Slovakia, in the Michalovce district, ed. note.]

The core of the suit may pertain to an event in 2003, when Zachem lost 30 percent of Chemko shares after not paying to FNM what it was obliged to according to the privatisation contract. Thus, it lost the majority in the company. The state sold Chemko Strážske in 1996; Zachem got more than 70 percent of shares for more than 136 million Slovak crowns. Chemko, a company that originally produced explosives, wound up in bankruptcy proceedings in 2009 after several ownership changes. The bankruptcy has not yet been concluded, HN wrote.

Zachem board member Jozef Cipro refused to talk to the daily on the phone.

(Source: Hospodárske noviny)
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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