20 September 2011 16:00 [Source: ICIS news]
LONDON (ICIS)--Czech agrochemical and foodstuffs group Agrofert will not appeal an arbitration court's decision to reject its koruny (Kc) 19.5bn ($1.1bn, €792m) compensation claim against Poland's PKN Orlen over the acquisition of Czech petrochemical producer Unipetrol, Agrofert said on Tuesday.
Agrofert's lawyers have advised there is not enough scope for a successful attempt at nullifying the verdict by the Arbitration Court of the Economic and Agrarian Chambers of the ?xml:namespace>
After losing the case in November last year, Agrofert claimed legal processes had been infringed.
The compensation claim was for alleged damage caused to Agrofert’s good name, lost profits and unfair business behaviour by Orlen.
Agrofert accused Orlen of failing to fulfil promises to sell it certain Unipetrol assets after the Polish company won 2004 privatisation tender for the company.
In July 2009, the arbitration court ordered Orlen to pay Agrofert €77m in compensation for failing to sell the assets to Agrofert.
($1 = Kc18.02, €1 = Kc 24.62)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections