Changes at Elektrim imminent after board meeting

The saga of troubled telecom giant Elektrim continued yesterday as the company's supervisory board met to discuss changes within the management structure of the company, including potentially replacing Elektrim's p resident. The move followed demands by Elektrim shareholders that the company's management be changed. The most likely scenario is the appointment of a new president, Maciej Meclewski, former president of Polimeks Cekop, named as the candidate likeliest to satisfy the board members. Elektrim's creditors were irritated by supervisory board member Gary Klesch's support of Elektrim President Waldemar Siwak's proposal to reduce payments to Elektrim's creditors by 40%. BRE Bank, which together with its allies holds a 20% stake in Elektrim, supports the creditors' claims and has asked for a general shareholders' meeting, where it intends to take control of the firm's management and comply with the creditors' demands. The meeting has been delayed until May as the Securities and Exchange Commission (KPWiG) is currently investigating the legality of BRE's procurement of Elektrim shares. (Gazeta Wyborcza, p. 22) M.T.K.