Slovakia lost € 22 million account on Fico\’s ban on profit

Dutch company Achmea that owns Union health insurance company won a lawsuit with the Slovakia. The verdict was announced by an international arbitral tribunal on Friday. It is not clear whether Slovakia will be able to appeal. Slovakia according to verdict, in 2006 and 2007 violated an investment agreement with the Netherlands. The first government of Robert Fico (Smer) banned private insurance companies to pay a profit. Constitutional Court decided that this step was unconstitutional already last year. State must pay € 22 million for compensation for the damages and € 3 million as court costs. Owners of the Union originally asked for € 64.7 million.