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News
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PHARMACEUTICAL
Drug importers won litigation with government?
It is possible that 32 pharma importers have won their litigation with the Polish government, in which they were accused of cheating on discounts while importing medicines to Poland in 1993-2001, and at first obliged to return PLN 2.5bn (€615m). The seeming reversal notwithstanding, the sum demanded in the litigation had already dropped down to several dozens of PLN million when the government decided to make the National Health Fund (NFZ), as the body that must cover costs of over-refunded drugs imported by the pharma firms, responsible in the suit against the pharma importers. According to law, the NFZ is not allowed to sue these importers based on the Act on Prices, in which case the importers would have been required to return PLN 1.5bn (€370m), so it may only attempt to recoup that portion of the remaining PLN 1bn (€246m) representing its losses. The rest of the total sum represents the loss to wholesalers, who! do not intend to sue the companies.
According to the NFZ press office, although the suit has not yet been sent up to the court, the case is already underway. The Health Ministry asserts it has in fact sent letters to the NFZ four times since December, but received no reply. Time is an especially crucial factor in this particular case as the deadline on filing claims may soon expire.
The pharmaceutical enterprises have been accused by the Polish government of hiding discounted values, and setting extortionate prices on imported drugs at the border in order to receive additional remuneration from NFZ for refunded medications. In the government's view, the importers should be required to pay around PLN 1.5bn (€320m) as a fine with an additional PLN 1bn (€370m) in interest. Initially the government seemed to be winning its case, lower level courts came back with a guilty verdict against the pharma enterprises. The enterprises based their defence on the claim ! that the law was unconstitutional, and insisted that the accusation wa s without merit. Following the lower court's decision, the pharmaceutical companies turned down the government's offer to settle. The government's proposal offered to exonerate the defendants of the charges brought against them, if they agreed to write off all debts owed them by hospitals. The companies were also asked to earmark an unspecified amount of money for donation to the National Health Fund (NFZ).
RETAIL
The only remaining large Hypernova to be sold to Real
Contrary to earlier reports, the Polish unit of Ahold has announced that it has reached a preliminary agreement with Real, the Metro AG-owned hypermarket chain, with regard to the sale of its Hypernova hypermarket located in Tychy. Earlier, the company had said that it expected to sell the store, together with 12 others, to the French retailer Carrefour. The transaction, the value of which has not been disclosed, is expected to be completed by the end of Q1 2005, the company declared in a statement. It is the only remaining large Hypernova hypermarket in Ahold's portfolio in Poland after the sale of 12 such stores to Carrefour on 24 February. This divestment is part of Ahold's strategy to optimise its portfolio and strengthen its financial position by reducing its debts. Currently, Ahold runs a network of 13 Hypernova compact hypermarkets and 170 Albert supermarkets.
The store in Tychy will be Real's 28th hypermarket na! tionwide. The German chain expects to add two more outlets (in Rzeszow and Torun) in Q4 2006.
AUTOMOTIVE
Michelin to wait a little while longer
14 March 2006
The voivod of Warminsko-Mazurskie voivodship has annulled a resolution passed by Olsztyn councillors allowing Michelin to invest €252m in Olsztyn. The voivod ruled that the councillors had acted in violation of the law when they passed an amendment to Olsztyn's spatial management plan for a site on which was to have been established a new logistics-warehouse centre and a production hall for Michelin. Michelin Polska has assurances from the city that this error will be rectified quickly and thus continues to wait for a decision.
CONSTRUCTION
Best developers according to Murator-Expo
Murator-Expo has organised a Plebiscite of Residents of New Houses and Flats, the aim of which is to promote developer firms.
Among firms which have completed construction of up to 450 flats, Sedno came top in the "reliability" category, while Viterra Development Polska led the way among companies that have produced 450 units or more. The firm EKO Park scored highest in the customer service quality category among companies that have constructed up to 450 flats while Przedsiebiorstwo Inwestycyjno-Budowlane Ebejot came out top in the 450+ class. The leading companies in terms of "attractiveness of offer" were Immobilier Polska (below 450 flats) and Przedsiebiorstwo Inwestycyjno-Budowlane Ebejot. Meanwhile, JW Construction Holding came top of the list as the best known Brand..
INDUSTRY
Kety to buy Croatian sheets producer
Kety, a Polish aluminium producer and distributor, has just announced its intention to purchase TLM, a Croatian sheets producer, to the Croatian Ministry of the Treasury. The Treasury plans to sell some 80% of the company, which is not in good financial shape, and needs a €10m investment. According to Parkiet information, the acquisition is to be completed within a couple of months.
The decision to purchase is part of Kety's 2005-2009 strategy, whereby it plans to spend approximately PLN 550-700m for acquisitions and PLN 200-250m for other investments. In addition to that, this purchase will widen Kety's product base, as the company does not currently produce sheets. President of the company, Jan Kryjak, told Parkiet that Kety plans further acquisitions and is negotiating with companies in three countries in the CEE region.
Source: PMR Poland
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