Mediafax (Mediafax)
Finance  |  October 04, 2010 00:30:05

E15: The Czech Export Bank has won a dispute with the insurance company AIG


Mediafax

PRAGUE (MEDIAFAX) - U.S. insurance giant AIG in late September has lost an arbitration dispute with the state the Czech Export Bank (CEB) of $ 24 million, less than half a billion crowns. In its Monday edition writes about the E15, which confirmed the information, acting chief Michal Bakajsa CEB.

AIG requested that the CEB had paid the said amount, and invoke the guarantee, CEB has already provided more than a decade ago. The arbitration court in Vienna gave the CEB but the truth, the requirement that AIG identified as unauthorized. Although Bakajsa with reference to banking secrecy did not elaborate on what was a business case, the available resources E15 but that guarantees associated with the delivery of the Czech Skoda trolleybuses to the U.S. island of San Francisco at the turnmillennium.

The involvement of the Czech Export Bank and AIG in the case of Czech supplies trolleybuses to San Francisco years ago Czech press reported. The former contractor Skoda island later renamed the island and Machinery since last year is in bankruptcy. In "good times" but Skoda trolleybuses Island to California cities, adding there ran nearly three hundred. The insurance company AIG, according to earlier expression Škoda Holding itself also provided a guarantee for the Czech supplies, plus U.S. insured subcontractor. He later paid the insurance claim on the U.S. company AAI Corporation, the trolleys involved in trade and reportedly did not receive paid for materials and services. AIG will eventually try to recover money for the Czech Export Bank.

Bakajsa the entire case, said only that the insurance company began to assert its claim until many years after the related trade executed. CEB, which under State aid and export credit guarantees provided by Czech exporters, considered a victory in arbitration as well as a great success because it was just a big counterparty of AIG, which can afford more expensive services of lawyers.

"I would like to acknowledge the work of the team at the bank and law firm Squire, Sanders & Dempsey to represent us," said Bakajsa.

The dispute was with AIG at present unique. "We do not maintain any other dispute arbitration," said Bakajsa with the fact that the vast majority of loans are properly repaid. The overall condition of the loan portfolio Export Bank was the end of August 52 billion. This is according to original contractual terms repaid more than 87 percent.Another 7.5 percent was restructured as a result of specific conditions on the market and less than 5.5 percent of loans are problematic especially those that are indeed paid, but with a lag.

As previously reported E15, CEB is now planning to expand cooperation with domestic commercial banks, which would take over part of the business and risks. The aim is to create not only a common consortium, but from the beginning together decide on the forms and conditions of loans and act as an exporter and the state insurance company EGAP.

Tomas Cizek, cizek@mediafax.cz

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E15: Česká exportní banka vyhrála spor s pojišťovnou AIG

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