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Attempt to have arbitration verdict rescinded fails

SLOVAKIA’s bid to overturn the verdict according to which the country has to pay compensations reaching millions of euros to Achmea, the private stockholder of health insurance company Union, over the ban on profits ushered in by the first government of Robert Fico (2006-10) was rejected last week by the Higher Regional Court in Frankfurt. This decision can be appealed against at the Supreme Federal (German) Court.

SLOVAKIA’s bid to overturn the verdict according to which the country has to pay compensations reaching millions of euros to Achmea, the private stockholder of health insurance company Union, over the ban on profits ushered in by the first government of Robert Fico (2006-10) was rejected last week by the Higher Regional Court in Frankfurt. This decision can be appealed against at the Supreme Federal (German) Court.

“The Slovak Republic is ready to use all available legal options against the arbitration verdict, including filing an appeal,” the Trend weekly quoted the statement from the Justice Ministry.

In December 2012, the International Arbitration Tribunal ruled in favour of Achmea over the ban on profits for private health insurers. Back then, Slovakia was supposed to pay €22 million in damages as well as cover the legal fees.

Slovakia attempted to have the verdict rescinded by the Higher Regional Court in Frankfurt. Meanwhile, Slovakia has seen €29.5 million in its accounts in Luxembourg frozen by the court based on proposal from Achmea, the TASR newswire wrote.

The current government refuses to pay the whole amount – which includes the original sum of €22.1 million, interest rates of €7.3 million, fees of lawyers amounting to €2.9 million – but the money on Luxembourg accounts has been blocked since May 2013, according to the SITA newswire.

(Source: Trend, TASR, 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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