Bloomberg News

Richter Turns to Court for Payment of Polpharma Compensation

September 29, 2011

Sept. 29 (Bloomberg) -- Gedeon Richter Nyrt., Hungary’s largest drugmaker, asked an Amsterdam court to enforce the payment of a $40 million compensation Richter was awarded earlier this year, Chief Executive Officer Erik Bogsch said.

An international arbitration court ordered Poland’s Genefar BV to pay Richter $40 million plus interest in compensation for the failure of the Hungarian company’s acquisition of Polpharma SA from Genefar, Richter said on Aug. 9.

The company asked the Amsterdam-based court to enforce the arbitration court’s ruling and to set a date for the hearing, Bogsch said in a written answer to Bloomberg News questions today.

To contact the editor responsible for this story: Edith Balazs at ebalazs1@bloomberg.net


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