Court favours state in Chemko Strážske lawsuit

THE SLOVAK state has successfully defended itself in a  a costly, protracted case in which the Zachem company sued for €30 million for losing its share in Chemko Strážske.

National Property Fund (FNM) building National Property Fund (FNM) building (Source: Sme)

Zachem demanded the money from the national privatisation agency, National  Property Funs (FNM) for losing its share in the chemical company Chemko Strážske.

“The law office Koval & spol has won the dispute for the state, and thus saved more than €72 million for the state,” Economy Ministry spokeswoman Miriam Žiaková told the Hospodárske noviny daily.

In 2003, Zachem lost nearly 30 percent of its shares of the chemical company because of its alleged failure to meet duties ensuing from the privatisation contract. It originally sued the Slovak state for €30 million, but in the meantime, the sum grew to €72 million. When the case escalated again three years ago, and FNM hired Koval & spol.

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