Ciech

Szukaj
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CURRENT REPORTS

Opening proceedings to secure claims against a subsidiary of the Issuer, dismissing a motion requesting security for claims

Current report no : 70/2012
Report date : 12/18/2012
Abbreviated name : Ciech SA
Subject : Opening proceedings to secure claims against a subsidiary of the Issuer, dismissing a motion requesting security for claims
Legal basis : Article 56 section 1 item 2 of the Act on the Offering - current and interim information 

Report : 

The Management Board of Ciech SA [Issuer], acting pursuant to § 5 section 1 item 8 of the Ordinance of the Minister of Finance of February 19th, 2009 on Current and Periodic Information Provided by Issuers of Securities and the Conditions of Recognising as Equivalent Information Required by the Law Provisions of a Country which is not a Member State, reports that on December 17th, 2012 it received information about opening proceedings to secure claims against its subsidiary Zakłady Chemiczne Zachem SA with its registered office in Bydgoszcz [Zachem] on the basis of information received from Zachem about receipt of court correspondence by Zachem.

 

From the copy of the complaint delivered to Zachem it results as follows:

  1. Air Products Chemical Europe B.V. and Air Products, LLC [Air Products] filed a motion to secure pecuniary claims against Zachem in the amount of US $ 98,609,032.20 (PLN 306,033,131.43 according to the average exchange rate of the National Bank of Poland of December 17th, 2012) [Motion].
  2. This claim supposedly results from the agreement for the supply of amine (TDA) concluded by Air Products and Zachem [Contract], on which the Issuer reported in current reports no. 63/2007 of October 19th, 2007 and no. 4/2010 of February 9th, 2010, and on the termination and dissolution of which the Issuer reported in current reports no. 40/2012 of October 12th, 2012 and no. 68/2012 of December 14th, 2012.
  3. The motion was dismissed in its entirety by a decision of the Regional Court in Bydgoszcz of November 27th, 2012, file no. VIII GCo 79/12 [Court Decision].
  4. Air Products filed a complaint about the Court Decision and a copy of this complaint was delivered to Zachem on December 17th, 2012. Zachem may reply to this complaint.

The Issuer regards the Motion and the complaint as groundless. In the Issuer's opinion, Air Products is not entitled to the pecuniary claim for which it is requesting security as the Contract was effectively terminated by Zachem and it was dissolved. As Zachem terminated the Contract on the ground of a breach thereof by Air Products, it is Zachem that is entitled to claim compensation from Air Products.

Signatures of the Company’s Representatives : Dariusz Krawczyk – President of the Management Board


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