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OMX wins VAT lawsuit

09 June 2006  |  1557 views  |  0 Source: OMX

Helsinki District Court rejected the claims of twenty banks and brokerage firms against OMX. The award holds that twenty of twenty-two banks and brokerage firms in total are precluded from presenting their claims.

OMX Exchanges Ltd and Helsinki Stock Exchange Ltd, subsidiaries of OMX AB, and Finnish Central Securities Depository Ltd (APK), a former subsidiary of OMX AB, are since June 2004 defendants in a lawsuit in Helsinki District Court in which twenty two banks and brokerage firms have made claims totaling to approximately EUR 5.1 million plus interest related to value added tax that the banks and brokerage firm paid to Helsinki Exchanges and APK for trading and clearing services during years 1995–2000.

Helsinki District Court rendered today an award in which it held that twenty of those twenty-two banks and brokerage firms are precluded from presenting their claims due to an arbitration agreement concluded on March 8 and 11, 2002 by and between those twenty banks and brokerage firms on one side and OMX' subsidiaries and APK on the other side. In the arbitration agreement the parties waived their right to present further claims outside the arbitration proceedings related to value added tax that the banks and brokerage firm paid to Helsinki Exchanges and APK for trading and clearing services during years 1995–2000. Consequently, the court rejected the claims of those twenty banks and brokerage firms. The award is not legally final as it can be appealed.

The lawsuit in Helsinki District Court continues between two banks and brokerage firms and OMX’ subsidiaries and APK. The amount claimed by these two claimants is approximately EUR 493,000 plus interest.

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