Emilia on the way to court?

The company was sold by the Treasury in September 2012 to Martlet, which is owned by the Griffin Topco II fund, in the second attempt to privatise the company. An earlier attempt to do so, in 2011, had been unsuccessful. The current Treasury insists that the value of the stake sold had been estimated at PLN 197.36 mln, but was ultimately under-sold for PLN 115.14 mln. Furthermore, the Treasury claims that an adequate privatisation strategy was lacking, due to the fact that its information memorandum was misleading. According to the Treasury, the value of Meble Emilia’s Warsaw properties, which are located in the inner city centre and Mokotów district, among others, was not accurately given in the documentation. Market estimates of the value of the properties were not presented either and the information on the projects being carried out on the company’s properties was also insufficient. According to the Ministry, the main emphasis in the memorandum was laid on the company&