Slovakia unsuccessful in attempts to have arbitration verdict rescinded

Slovakia has failed in its effort to cancel the verdict based on which the country should pay €22 million in reimbursement to the owner of the private health insurance company Union for the profit ban introduced by the first government of Robert Fico (2006-2010). The bid was rejected during the past week by the Higher Regional Court in Frankfurt; however the ruling can still be appealed at the Federal Court of Justice in Germany. "Slovakia is ready to use all legal means available against the arbitration ruling, including the following step, which is the appeal," the Finance Ministry commented in its statement for portal etrend.sk. In December 2012, the International Arbitration Tribunal ruled in favour of Achmea - the private stockholder of health insurance company Union - over the ban on profits for private health insurers. Back then, Slovakia was supposed to pay €22 million in damages as well as covering legal fees. Now, Achmea can expect almost €30 million from Slovakia.