Elektrim shares tumble as it loses its last key asset

Inwestycje Polskie, which is owned by Zygmunt Solorz-Żak, took over Embud from Elektrim which holds some shares in ZE PAK. This was the effect of the inability of the latter to pay off its liabilities towards IP amounting to zł.40 million. In this way Elektrim lost control over the plant in favor of Solorz-Żak. The Treasury Ministry, which holds a 50% stake in ZE PAK, sent a letter to Elektrim on Friday. "We want to find out how many ZE PAK shares were held by Embud. According to the privatization agreement, Elektrim has to complete the investment regardless of whether it has shares in the power plant or not," said the ministry's spokesman Janusz Kwiatkowski. (Parkiet, p. 1) M.M.