Slovakia Can Lose €216 Million Over Emission Quotas Scandal
The Slovak emission quotas scandal can drag on and on, and without immediate legal steps being taken Slovakia could lose at least €216 million, said Rainer K. Wachter, the director of Vienna branch of the American law firm Skadden Arps Slate Meagher & Flom LLP on Thursday.
According to Wachter, it's necessary to have
Slovak authorities co-operate more closely with American bureaux, in particular the
FBI and
Treasury Secretary, to learn more about the financial flows by scrutinising the way the
Interblue Group USA taxed its profits. "
Slovakia can meet other 'legal successors' of Interblue Group USA or Interblue Group Europe, as the emission sales contract doesn't require the legal entity to consult with Slovakia on any transfer of rights and obligations to a third party – and carrying out such a transfer is easy to do." He added that if Slovakia continues to pursue its current track, serious legal complications could ensue - not only regarding the civil suit to recover the €15 million (unpaid as part of an agreement on green projects), but there's also the risk of a multi-million dollar arbitration dispute.
Environment Minister Jozef Medved last week said for the record that he deems the contract with the U.S. company Interblue Group as having terminated after the Group folded in December – and Interblue Group Europe (based in Switzerland) has to date delivered no conveyancing papers to the ministry. Slovakia sold 15 million tons of CO2 emissions for €5.05 per ton, while the usual European price is more then twice bigger. Interblue is under the contract entitled to buy a further 35 million tons.
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