Vivendi Says Awarded EUR1.9 Billion Judgment Against Elektrim
February 23 2009 - 11:18AM
Dow Jones News
French media giant Vivendi SA (12777.FR) said Monday an arbitral
tribunal under the auspices of the London Court of International
Arbitration issued its final award in the dispute between Vivendi
and Elektrim, a Polish company controlled by Zygmunt Solorz.
On Feb. 12, the tribunal awarded damages of EUR1.876 billion,
plus accrued interest from February 2005, to Vivendi for
intentional breaches by Elektrim of the investment agreement
entered into in September 2001 regarding their joint venture
Elektrim Telekomunikacja Sp. z o.o. (Telco) and their investment in
Polska Telefonia Cyfrowa Sp. z o.o. (PTC), Vivendi said.
This final award follows a partial award rendered on last March
19 which declared that "Elektrim breached the basic premise of the
(investment agreement) by systematically acting against the
interests of Telco in furtherance of its own interests and by
refusing to acknowledge Telco's right to the economic benefit of
the PTC shares", Vivendi added.
All of Elektrim's counter-claims against Vivendi have been
dismissed, the French company said.
Elektrim had received more than EUR1.8 billion from Vivendi to
transfer the PTC shares to Telco and protect Telco's economic
interests therein.
Vivendi said it is the largest creditor of Elektrim and this
final award confirms its claim, of which recognition is requested
in Elektrim's bankruptcy.
The confirmation of Telco's ownership rights on the PTC shares
is still pending before the Polish courts, the French company
added.
Company Web Site; www.vivendi.com
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