Elektrim must consult ET on decisions regarding PTC

2007-03-30

The district court in Warsaw has ordered Elektrim to exercise rights derived from the shares of the mobile operator PTC in accordance with instructions from Elektrim Telekomunikacja (ET). This is another decision in the legal dispute over the ownership of a 48% stake in PTC.
Elektrim and Deutsche Telekom (DT) insist that the shares are held by DT, as a result of the ruling of the International Court of Arbitration in Vienna. The court ruled that the transfer of the shares from Elektrim to ET was invalid. However, ET and its parent company Vivendi emphasise that ET is the owner of the shares, whereas, according to the PTC entry in the National Court Register (KRS), they are held by Elektrim. ET petitioned the district court to secure its claims by ordering Elektrim to consult it with regard to any actions involving the stake. Lawyers working for ET insist, therefore, that Elektrim may not negotiate a price for the stake which is to be paid by DT.
ET expects that, as a result of the district court ruling, Elektrim will elect four ET representatives to PTC’s supervisory board. Elektrim is now entitled to lodge an appeal against the district court’s ruling.

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