Lodged with the Arbitration Institute of the Stockholm Chamber of Commerce, the lawsuit will be an embrassment for Poland, reports Reuters.
In April, KNF, which is the financial watchdog of Poland, ruled that as an investor in FM Bank, the fund could not meet its commitments and ordered for its sale by April 2015.
FM Bank PBP, which is said to be the smallest commercial bank in the sector, was formed in 2013 following a merger of two banks that are owned by Abris.
KNF argued that it is the responsibility of the fund to consult with it on the choice of chief executive for the new bank and said that its action was as per the Polish and European Union legislation.
The Polish finance ministry did not make any comments with regard to the suit.
Abris, which planned to build up the bank’s value and then sell it, has invited bids for its sale. The bank has a book value of Zl300m ($89.6m).
Image: Abris Capital Partners will sue Poland for about $597m. Photo: courtesy of zole4/ FreeDigitalPhotos.net
