Declining investor confidence blamed on MCI president

Major shareholders of MCI Management, the only venture capital fund listed o n the Warsaw Stock Exchange (WSE), are reported to be planning to sell their stakes in the company. Puls Biznesu suggests that the reason behind the deci sion is a loss of confidence in the company's president, Tomasz Czechowicz, caused by his inconsistent actions. At the end of December Czechowicz sold a number of shares in MCI Management that were owned by Czechowicz Ventures, a pparently breaking a previous promise not to do so. The sale had a negative impact on the MCI Management share price, and Puls Biznesu says it is now hi ghly likely that the pension funds that are major shareholders in the compan y have agreed to sell their holdings. Waldemar Gebus, assets manager with PT E Dom, has already resigned from the MCI supervisory board, and Robert Oslak from CAIB is expected to follow suit on Monday. (Puls Biznesu, p. 3) P.J.