Coal industry finances to be further investigated ahead of consolidation

Contrary to earlier announcements, the government will not revise today the restructuring program devised for the coal industry for the years 2003-2006. The document will instead be discussed on January 28 and until this date the sector's finances will be subject to inspection by the Economy Ministry. Therefore, Deputy Economy Minister Marek Kossowski, has a week to look into the level of indebtedness of five coal companies, whose collieries are to enter the planned national coal holding - Kompania Weglowa. Until recently, the liabilities of the mining industry were estimated at zl. 20.5 billion. However, it turns out that they might be much higher, by as much as zl. 3.5 billion. According to experts this vast difference might be due to the various methods of calculating interest due on liabilities arising from the clearing of debts. The whole misunderstanding stems from the fact that the coal companies signed contracts for the reduction of liabilities on the basis of legislation dating from 1998. (Puls Biznesu, p. 5) A.C.