Jean Valvis on Swiss trial involving his Romanian businesses: I will sue the Romanian law firm after conflict with Bertschmann family is done

Greek-Swiss investor Jean Valvis, owner of Romanian water bottling business Aqua Carpatica, says he'll sue Romanian law firm Hammond Bogaru & Asociates for releasing statements about the ongoing trial in Switzerland between him and the heirs of his former business partner, late Swiss businessman Hans Bertschmann. In a recent statement, Valvis said the releases from the law firm, which works for the Bertschmann heirs, were an attempt to intimidate him, as well as a “profoundly illegal and immoral way of denigration in the public arena.” Valvis went on: "I can only ask Mr. Hammond- would you do this in your home country?” When his dispute with the Bertschmann family ends, Valvis plans to sue Hammond Bogaru & Associates for spreading untrue information, according to his statement. He also threatened to notify the Bucharest Bar about the breach of professional ethics by the firm's lawyers.

Defending his past dealings with his former partner, Valvis said Bertschmann sold his shares in the Romanian business they controlled together in 2007, when he no longer wanted to take the risk of doing business in Romania, and the price he got was “established together, and it was the correct price."

“The growth in participation value which happened later on was the result of my own investments and exclusive efforts and can only bring profits to those who invested and who worked,” the investor added. The sale of Valvis' businesses Dorna Apermin and La Dorna to Coca- Cola and Lactalis, respectively, and the amounts received by Bertschmann are part of the dispute with the late Swiss businessman's heirs. One of the first of Valvis and Bertschmann's businesses was the takeover of mineral water bottling company Dorna Apermin, which was the setting stone for the group. The pair shared a 50/50 stake in the company. In 1996, a 20 percent package in Dorna Apermin was sold to an investment fund run by Societe Generale for some EUR 7.2 million, and some of the money was used to create LaDorna the dairy company. Later in 2002, Dorna Apermin was sold to Coca-Cola, for some USD 39 million. According to his lawyers, quoted by Romanian media, Bertchmann only received USD 4.5 million out of this deal, even if he was entitled to get some USD 12 million based on his stake in the firm. Later in 2008, Valvis also sold LaDorna to Lactalis. Initially the two partners had equal shares in the business, but later on the Swiss multi-millionaire ended up with a lower stake after not taking part in share capital increases. Eventually he exited for some CHF 1 million by selling Valvis his stake. Bertchmann's heirs are however saying Valvis portrayed a distorted situation of the company, presenting it as almost bankrupt in 2007, only to successfully sell it in 2008 to Lactalis. The heirs are also claiming Bertchmann suffered from Parkinson's disease when he signed off the LaDorna business to Valvis, allegedly with long memory losses. The owner of Aqua Carpatica says Bertschmann's heirs indeed have claims against him, but the sale referred to was voluntary, at Bertschmann's initiative and at a value agreed with him. “The Swiss authorities have rejected the heirs' claims three times so far, and with regards to the ongoing investigation, there is no reason for it to have a different outcome. But the investigation is not public, and until finalized, it needs to stay confidential. Which is why I cannot comment on it,” Valvis concluded.