Poland's Supreme Administrative Court dismissed the appeal of Abris Capital Partners against a 2016 court ruling confirming the legality of the Polish Financial Supervision Authority's decision to ban Abris from exercising voting rights in Nest Bank SA.
The authority issued its decision restricting Abris' voting rights in the lender, operating as FM Bank at the time, in 2014, citing the shareholder's failure to "fulfill investor's commitments." The authority also ordered Abris to divest its majority holding in the bank. Abris, which sold the stake to AnaCap Financial Partners LLP in 2015, claims it lost around 2 billion Polish zlotys on the forced sale, Parkiet said May 24. In 2016, an administrative court confirmed the legality of the regulator's decision, with Poland's Supreme Administrative Court upholding the ruling.
Abris also took the Polish state to the Arbitration Institute of the Stockholm Chamber of Commerce in September 2017 and secured arbitration award of about $171 million in the dispute. A Swedish appellate court affirmed the arbitration award in February 2019, but the Polish state has the right to appeal the ruling in Sweden's Supreme Court, Parkiet noted.
As of May 24, US$1 was equivalent to 3.83 Polish zlotys.