2005 The year in brief: SEPTEMBER
Budget adoption
The government adopts a draft budget for 2006. According to its projections the budget deficit is to amount to zł.32.5 billion.
PGNiG debut
State-controlled gas monopoly PGNiG debuts on the WSE and enjoys much more success than expected. PGNiG's stock price begins its first day on the bourse at zł.4, or 34% higher than the price during the massively oversubscribed IPO. The price puts the value of the company at about zł.24 billion.
PZU ruling
An international arbitration court finds that Poland violated an international investment treaty it signed in 1999 with Dutch insurer Eureko, according to which Poland was to allow the Dutch firm to buy a majority stake in Central Europe's largest insurer, state-owned insurance company PZU. The sale never occurred.
Presidential drop-outs
Independent candidates Zbigniew Religa and Włodzimierz Cimoszewicz of the Democratic Left Alliance (SLD) withdraw from the race for President of Poland. Opinion polls show Donald Tusk, the leader of PO, is supported by 47% of the nation, which is just 3% short of winning the presidential elections in the first round.
LG.Philips turns on
The government signs an investment agreement with the Korean-Dutch concern LG.Philips for the construction of a production plant near Wrocław. The investment will cost E429 million, and will create over 3,000 jobs. (Poland A.M.)
Final report
The Sejm Commision investigating the privatization of PZU presents a report summarizing the eight months of its work. According to the report, former Prime Minister Jerzy Buzek is to be held responsible for PZU's bungled privatization. The report calls for former Treasury Minister Emil Wąsacz to face the State Tribunal for his involvement in the deal.
Election surprise
Despite PO leading in the polls up to election day, PiS wins parliamentary elections. PiS receives 155 seats in the Sejm, PO takes 132 seats, Self-defense wins 56 seats, while the SLD claims 55. LPR secures 32 seats and PSL receives 25 seats. There are five independent deputies. A coalition government between PiS and PO is anticipated. (Poland A.M.)
