Eureko turns to European Commission to settle dispute over control of PZU

The Eureko consortium, which has a 20% stake in Poland's largest insurer Powszechny Zaklad Ubezpieczen (PZU), has announced it will turn to the European Commission (EC) for help in taking control of PZU. The action comes as a result of delays by the Treasury Ministry to sell a further 21% of PZU to Eureko. According a deal signed in October 2001, Eureko's stake in PZU, together with BIG Bank Gdanski's share, would amount to a controlling 51% share of the insurer. Eureko, along with BIG Bank Gdanski, controls a 30% stake in PZU. Treasury Minister Wieslaw Kaczmarek is refusing to hand over control of PZU, stressing the government does not intend to give up the stake. According to information that has yet to be confirmed by Eureko officials, EU Expansion Commissioner Guenter Verheugen may comment on the conflict during his visit to Poland on Thursday. (Parkiet, Feb. 23-25; p. 5, Puls Biznesu, p. 5) M.T.K.