19. 05. 2012

WAZ denies it lost arbitrage proceeding

Belgrade, May 19, 2012 (Tanjug, B92) - German media group WAZ has stated that it has not lost an arbitrage proceeding and rejected businessman Milan Beko's claims. 

WAZ commented on Beko's statements regarding the arbitrage proceeding against Stadlux S.A., Abisco Verwaltungen GmbH, Bicos Beteiligungen Gesellschaft mbH, Munon Management Limited and Vidoler Management Corporation.

The Serbian businessman said on May 17 that his companies, which own Novosti company, won the arbitrage proceedings against WAZ.

"It is true that WAZ media group launched a proceeding against the above mentioned companies in accordance with the rules of the International Chamber of Commerce (ICC). Since WAZ media group announced its withdrawal from Serbia in June 2010, there was no longer a reason to continue the arbitrage proceeding against the above mentioned companies," WAZ said in the release.

"The amounts that Milan Beko presented to Beta news agency are not true. The exact amounts are visible in the ruling of the Arbitrage Court from May 5, 2012, which WAZ group released in clippings together with the release," the German media group said.

WAZ media group stated that it had had doubts about ability of Beko's companies to assume the court costs.

"We are pleased with the victory in the arbitrage in Vienna (Austria). We have just received the decision in the litigation case that the German media company WAZ has been conducting against us for some time, related to the Novosti company," Beko said in the May 17 statement.

"WAZ filed several requests to the arbitrage authorities, more precisely nine, against companies that own Novosti company, claiming that the agreement has been violated and that their business interest has been damaged," he added in the statement.

"According to the arbitrage decision, all court costs, including compensation for the costs of our defense, will be assumed by WAZ," Beko concluded.