Elektrim in charge of PTC, but still has fight on its hands

Together with Deutsche Telekom (DT) it has introduced a number of changes to PTC's supervisory board and management structure. Following the news, the standing of PTC, (Era and Heyah mobile networks operator) rose on the bourse on Friday by as much as 27%. Elektrim became PTC's most significant shareholder as it now holds 48% of its shares. The new management was not, however, accepted by PTC. The members tried to enter the firm's headquarters accompanied by the police but they were refused entry. "The verdict of a Vienna court has not entered force in Poland so it is not our obligation to obey it. The order issued by the court on 30 December 2004 stating no changes should be introduced to the shareholders' register by PTC's management is still in force. Regardless of this, DT and Elektrim gathered a new alleged supervisory board and say that the company now has a new management, which was gathered to take the company over illegally," stated PTC's announcement. "We acted in compliance with the law," said Ewa Bojar, Elektrim's spokesperson. (Parkiet, p. 1; Puls Biznesu, pp. 1, 5) D.W.