Czech Agrofert will not appeal against court's claim rejection

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 Czech Republic, it added.

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)

By: Will Conroy
+44 20 8652 3214

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