The insolvency administrator of Velefarm Holding as
well as Velefarm VFB and the Serbian Hemofarm A.D., a subsidiary of
STADA Arzneimittel AG, on December 18, 2015 agreed on the
resolution of a legal dispute.
The settlement relates to the
legal action taken by the insolvency administrator against Hemofarm,
among others, in Belgrade’s commercial court in February 2014.
At that time, the insolvency administrator had demanded that certain
agreements and statements from the years 2010 and 2011 that had been
reached between Hemofarm and companies of the Serbian wholesale group
Velefarm with regard to the insolvent assets of Velefarm Holding and
Velefarm VFB be declared invalid and, as a result, repayments to the
insolvent assets be made.
Within the scope of the
settlement, the insolvency administrator waives his original claim in
the amount of Euro 54.2 million (in local currency) which he had filed
in court. In return, Hemofarm waives most of a claim in the single-digit
million euro range which was already fully impaired by STADA in 2010.
