On 2 December 2009, documentation relating to the dispute between Polish Treasury and Eureko was submitted to the Arbitration Tribunal, thus marking the commencement of the procedure leading to an effective resolution of the 8-year long dispute between the major shareholders of PZU S.A. – the biggest insurer in Central and Eastern Europe.

 

Following the payment on 26 November 2009 of a dividend agreed in the Settlement and Divestment Agreement, and after the bank where Eureko B.V. holds its account confirmed the receipt of the payment, Poland submitted on 2 December 2009 appropriate documents to the International Arbitration Tribunal, thereby initiating a formal dispute resolution procedure. At the same time, Eureko requested various institutions involved in the proceedings relating to the dispute, includingthe Polish Financial Supervision Authority, the Supreme Administrative Court, competent District Courts, and the European Commission (which initiated the proceedings ex officio) to end the proceedings.

The effective end of the dispute is in line with the objective of the Polish Treasury and the Minister of Treasury, Mr. Aleksander Grad, to turn PZU S.A. into a strong financial institution (with a decision-making centre in Poland) listed on the Warsaw Stock Exchange. The resolution of the dispute and the stock debut will present PZU S.A. – already the largest insurer in Central and Eastern Europe – with new opportunities to further strengthen its position in the European market.