Gdansk Shipyard receiver to face mismanagement trial

Yesterday, Andrzej Wiercinski, the Gdansk Shipyard receiver was charged with money mismanagement. The prosecutor's office in Gdansk claims the company was sold not for zl. 115 million as declared, but for zl. 72 million. Wiercinski denies any charges. However, he is not blamed for the deal itself but management of the cash on hand that is being questioned. Wiercinski is said to have abused his position by lowering the company market value when he counted the firm's cash holdings of zl. 42.8 million as its current assets. According to certified auditors the receiver had no right to do this and the money should have gone to the shipyard's creditors instead of the purchaser. Moreover, the Supreme Court is of an opinion that money cannot be a subject of transaction. The shipyard was valued at zl. 97.9 million to zl. 157.3 million. According to the prosecutor's office, the receiver had no right to sell it at a price below market value without its board of creditors' consent. (Gazeta Wyborcza, May 20-21, page 32, Rzeczpospolita, May 20-21, page 1) J.K