Ex-employees of Gdansk Shipyard want sale annulled

Former shareholders of the Gdansk Shipyard, who are also ex-employees of the plant, want the 1998 sale of the shipyard to Trojmiejska Korporacja Stoczniowa (TKS) to be annulled, claiming the transaction was illegal. In 1998 the shipyard's employees held a 40% stake in the company. At the time, the shipyard was in receivership. The receiver decided to sell it for zl. 115 million to TKS, which was owned by Gdynia Shipyard and the consulting company Evip Progress. Gdynia Shipyard now holds a 100% stake in the Gdansk Shipyard. According to the former shareholders' association (ARKA) there was no need for the shipyard to go into receivership as its assets were worth zl. 3.3 billion, and it only had liabilities of zl. 60 million. Also, the receiver only had the right to sell the shipyard if no other solution was available. According to the former management of the company there was such a solution, a settlement with the creditors. (Puls Biznesu, page 3) T.J.