AB Svensk Exportkredit: SEK wins dispute with Sparbanksstiftelserna
FOR: AB SVENSK EXPORTKREDIT
MAR 18, 2012 - 19:05 ET
STOCKHOLM, SWEDEN--(Marketwire - March 18, 2012) -
An arbitral tribunal today ruled in favour of SEK in the dispute between SEK and Sparbanksstiftelsernas Förvaltnings AB (SFAB). The dispute related to SEK's purchase of Swedbank shares from SFAB in March 2009. SFAB had claimed, among other things, that the purchase should be declared invalid.
"It is good that we have now received a clear verdict in a dispute that has been ongoing for more than two years. It has now been definitively established that SEK's purchase of Swedbank shares from SFAB was carried out correctly," said SEK President Peter Yngwe.
SEK was represented in the dispute by Johan Gernandt and Fredrik Lundblom of the law firm Vinge.
"The judgment is unanimous and SFAB has also been instructed to pay all of SEK's legal costs," said Johan Gernandt of Vinge.
The disputed amount was in excess of Skr 2.5 billion.
"SEK's purchase in March 2009 was in no way deemed inappropriate and the case reviewed many important, practical issues relating to collateral and the application of adjustment and invalidity rules in contractual relationships," said Fredrik Lundblom of Vinge.
Please direct any questions to SEK's interim Head of Communications Edvard Unsgaard on +46 721-76 85 16.
Press Release (PDF): http://hugin.info/138134/R/1595126/502287.pdf
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Source: AB Svensk Exportkredit via Thomson Reuters ONE [HUG#1595126]
FOR FURTHER INFORMATION PLEASE CONTACT: Edvard Unsgaard Head of Communications +46 721-76 85 16