In the latest development in the TIPOS affair, the company has withdrawn its restructuring petition from the District Court of Bratislava I as last week the Constitutional Court acknowledged a claim of the company that its commercial rights had been violated.
The company filed for restructuring as a way of protecting itself against creditors, in particular because of the case involving the company Lemikon, which is the claimant in a large lawsuit against Tipos.
The ruling of the Constitutional Court basically freezes execution of the judgment of the Supreme Court from November 2010 that Tipos was to pay out over EUR 14 million to Lemikon, which is based on Cyprus and is suspected of having political ties.
Tipos is already on the brink of bankruptcy, and the dubious case involving Lemikon could be the one to put the knife in. The dispute with Lemikon, which assumed rights from Czech betting company Sportka, has been dragging on for years and is entwined in suspicions of crony practices and fraudulent actions to milk money out of the Slovak Republic.
For more background information on the affair, click here.