Audit suggests Michelin irregularities at Stomil Olsztyn

An independent audit of tire-maker Stomil Olsztyn (SO) has revealed that the company's cooperation with its biggest shareholder, Michelin of France, has cost it zl.60 million annually. The audit, by BDO Polska, was conducted at t he request of SO's minority shareholders, which have accused Michelin, owner of a 60% stake in SO, of siphoning off the company's profits. Puls Biznesu q uotes an analyst who has had access to the BDO audit as saying that Michelin appears to be charging SO a double fee for the same service. Andrzej Mikosz, a lawyer acting on behalf of the minority shareholders, commented that the a udit suggests there are grounds for prosecuting Michelin and SO board member s on charges of acting against the company's interests. "This report is very good news for SO, the State Treasury and the minority shareholders," he said . (Puls Biznesu, p. 8) P.J.