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Skadden Offers Proposal for Termination of Contract with Interblue
Monday 11 January 2010 Zoom in | Print page
Bratislava, January 11 (TASR) - Reputable American law firm Skadden Arps Slate Meagher & Flom LLP, based in New York, is offering legal counsel to Slovakia regarding the emission quotas scandal and termination of the contract with Interblue Group (US), TASR learned from head of Skadden's Vienna branch Rainer K. Wachter on Monday.
In November 2009, Skadden offered a way out of the contract to the Slovak Environment Ministry and Slovak Premier Robert Fico – a gambit that would help Slovakia escape financial damages. "One of the options at the time was to charge Interblue Group an extra payment of €1 per tonne, which would make Slovakia see additional €15 million. In light of the Interblue Group's background, however, this seems quite improbable," said Wachter.
"Termination of the contract represents one problem, the option on 35 million tonnes another. The option (to buy) in question has already been cancelled on the part of Slovakia; however, merely cancelling it is not enough, as other business-legal procedures need to be followed. The sooner Slovakia gains approximately €385 million by immediate sale the better. We have found that the Slovak side, probably based on our proposal, has embraced the business with emission quotas via international brokers or the stock market," said Wachter.
He thinks that prosecuting the perpetrators involved in "the emission quotas case is right"; however, pressing charges would be financially demanding. First and foremost, according to Wachter, all efforts need to be made to lower the damages and secure financial resources for Slovakia. The fact that the FBI is investigating the case is significant, as Wachter thinks that the FBI "can be helpful in obtaining information on the Interblue Group's background".
Slovakia sold 15 million tonnes of emission quotas to the Interblue Group for €75 million, at a rate of €5.05 per tonne. According to the Opposition, media and the present ministry management, this sum was sum was about half what it should have been. As well, an extra euro per tonne should have been paid by the company for green projects but wasn't. Interblue manager Jana Luetken said on December 2 that the projects aren't well defined, and that the company won't pay an outstanding amount of €15 million to Slovakia.
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