BRATISLAVA, April 20, (WEBNOVINY) — Tipos will again file for protection against creditors. Its spokesperson Rastislav Cepe announced that the company would submit additional required information necessary for the new proposal after it familiarizes itself with the Bratislava I District Court verdict that dismissed Tipos’ restructuring plan. “We are convinced that Tipos meets legal terms for restructuring. We will settle procedural essentials required by court as soon as possible and will again file for approval of restructuring,” said Director General Milos Ronec to further plans.
The company has frankly admitted that it wants to be protected against creditors due to ongoing court disputes with Cypriot company Lemikon Limited. “We intend to use all legal steps to protect the company since, based on the existing documents, we think that claims of creditors are arguable,” Ronec added. Tipos is in a good condition and faces no looming or short-term risks. “It continues to accept bets and pays out winnings so the current events will affect neither our partners nor persons using betting services,” he stated.
The Bratislava I District Court turned down the proposed restructuring in the national lottery company Tipos that was to protect it from creditors. This stems from information released in the latest issue of the Commercial Bulletin. The participants of the proceedings cannot appeal the verdict. The decision takes effect on day following its publication in the Commercial Bulletin, which is April 21.
According to spokesperson of the Bratislava I District Court Pavol Adamciak, the request was rejected for procedural reason. The court ruled that the proposal did not fulfill requirements set by the law. Thus, Tipos can file for restructuring again. The national lottery firm Tipos turned to the court with a request for protection against creditors in late March. The management of the firm decided to lodge a proposal to allow its restructuring at the Bratislava I District Court because of ongoing lawsuits. Tipos management aimed to protect its assets, strengthen its stability, ensure continuation of activities, business relations, and assure payments of wins.
The biggest legal dispute in which Tipos is involved concerns an allegedly unlawful use of know-how of the Czech company Sportka. Sportka sold its claim worth EUR 66 million to the Cypriot firm Lemikon. According to the verdict of the Supreme Court from 2008, Tipos used know-how for operation of lottery games unlawfully and was supposed to pay EUR 66.4 million to the new owner of Sportka’s claim, the Cyprus-based company Lemikon.
In November of last year, the Appellate Panel of the Supreme Court of the Slovak Republic found the extraordinary appellate review of the General Prosecutor against the Supreme Court decision from August 2008 reasonable. The panel confirmed previous verdicts and confirmed the obligation of Tipos to pay the complainant Lemikon more than EUR 14 million. Other points of the extraordinary appellate review, including the alleged unlawful use of know-how, were found reasonable and the case was returned to the court of lower instances, which will be deciding on them again.
SITA