Enterprise Investors accuse Stolica shareholders

Enterprise Investors (EI) has declared that private shareholders of courier company Stolica may have cheated them, by overvaluing the price of acquired shares through financial engineering. Currently, Polish Enterprise Fund IV, which is represented by EI, controls a 43% stake in Stolica. In June last year they acquired additional shares for zł. 5 million from private shareholders. "Jointly we have spent $10.4 million on investments in Stolica," said Dariusz Prończuk, a partner in EI and a Stolica supervisory board member. According to EI, the value of the stakes was overvalued by several million dollars. The case is currently being investigated by Ernst & Young, who have replaced PricewaterhouseCoopers as the company's auditor. An opinion has not yet been made public. (Rzeczpospolita, p. B4) A.K.