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Grucycsa Wins an Arbitration Case at the Internacional Tribunal in Paris

16/01/2004

Grucycsa Wins an Arbitration Case at the Internacional Tribunal in Paris

The Arbitration Tribunal convened in compliance with the Procedural Regulations of the International Chamber of Commerce in Paris and its International Arbitration Court has handed down a final decision in the case brought by Grucycsa, along with former shareholders of Inversiones y Estudios Financieros, S.A. (Safei), against Bipop España Holding, S.A. and its parent company, the Italian firm Fineco. The plaintiffs claimed 51,741,603 euros, plus late interest, for the sale of 20% of Safei's share capital, which Grucycsa and the other shareholders still own. 50% of this amount belongs to Grucycsa.

The decision has found in favour of the FCC subsidiary and the other plaintiffs, ordering the defendants to pay 51,741,603 euros (for the sale price of 20% of Safei's share capital), plus late interest at the legal rate (4.25% for 2002 and 2003) as from the 9th of August 2002. The decision also establishes that the legal interest rate (3.75% in 2004) shall be increased by two percentage points as from the date of the notice of the decision until such time as payment is made by the defendants.

In addition, the defendants have been ordered to pay all of the fees associated with the International Arbitration Court and Tribunal and to pay the plaintiffs the sum of 315,061.19 euros for the legal defence costs incurred by the latter during the arbitration proceedings.

Fineco has announced that it will file an appeal with the Provincial Court in Madrid.