Reuters: Abris fund sues Poland for $600 mln over forced bank sale

(Reuters) – Central European private equity fund Abris Capital Partners said it was suing Poland for at least 2 billion zlotys ($597 million), alleging it was going to incur losses after the state forced it to sell its small local lender FM Bank PBP.

Poland’s financial watchdog KNF ruled in April the fund failed to meet its commitments as an investor in FM Bank. The watchdog stripped the fund of all its voting rights in the bank and ordered it to sell the business by April next year.

The suit, lodged with the Arbitration Institute of the Stockholm Chamber of Commerce, is potentially embarrassing for Poland, which sees itself as a model of fair and impartial financial regulation in eastern Europe.

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