19.01.2013 Views

Prospectus - Notowania

Prospectus - Notowania

Prospectus - Notowania

SHOW MORE
SHOW LESS

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

amount deemed congruent to that which, at the time of the provision, is decided, appears to the<br />

risk of the litigation.<br />

Deutsche Pfandbrief Bank (was Hypo Real Estate AG) and Hypo Real Estate<br />

International AG against HVB<br />

Until 2001, HVB was the parent company of a group that was consolidated for tax purposes.<br />

Each year it paid the competent authority the taxes owed by the whole group and then<br />

recovered the amounts paid from the individual companies.<br />

Hypo Real Estate Bank AG (and Hypo Real Estate Bank International AG, merged into Hypo<br />

Real Estate Bank AG), which belonged to said group, maintained the amount charged was<br />

excessive, and initiated legal proceedings in the District Court of Munich.<br />

In the judgment of April 29, 2008, the Court sentenced HVB to pay €75.5 million as well as<br />

interest and expenses for a total amount of €116 million as at December 16, 2009.<br />

HVB, on opinion of its legal counsel, believes that the plaintiffs’ request is groundless and is<br />

therefore appealing the judgment of first instance. On December 16, 2009, HVB executed a<br />

transaction agreement that provided for the payment of €46.5 million including interest for the<br />

purpose of resolving the controversy. The mentioned agreement is binding unless one of the<br />

parties exercises their right to revocation by January 15, 2010<br />

FinTeam spol s.r.o.<br />

In March 2009, FinTeam spol s.r.o., a Slovakian company, sued UniCredit Bank Slovakia a.s.<br />

before a Bratislava Court for transactions involving exchange rates and derivatives (futures<br />

transactions and exchange rate options for Euro/Slovakian Corona) carried out as part of the<br />

Master Treasury Agreement signed between FinTeam and UniCredit Bank Slovakia in June<br />

2004.<br />

FinTeam alleges that certain transactions executed between the parties are invalid, in that they<br />

were not carried out in compliance with the provisions of the Master Treasury Agreement.<br />

FinTeam further maintains that it incurred losses as a result of the aforementioned transactions<br />

being debited to their account.<br />

FinTeam furthermore filed for compensation for damages, including loss of earnings and legal<br />

expenses, allegedly suffered by FinTeam as a result of alleged breach of the Agreement by the<br />

bank. The amount of these damages is estimated by FinTeam at € 100 million, but no proof of<br />

the damages has been submitted. The bank appeared before the court and as a preliminary<br />

measure claimed lack of jurisdiction by that Court. In fact, the Master Treasury Agreement<br />

calls for any contractual dispute to be settled by a standing arbitration panel set up by the<br />

Slovak Bank Association.<br />

On merit, UniCredit Bank Slovakia considers the FinTeam claims to be groundless.<br />

- 352 -

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!