In Brief: Softbank accounting; PKN Orlen and Agrofert; TPSA profits

Softbank, a computer company listed on the Warsaw Stock Exchange, has issued an official statement refuting allegations of illegal bookkeeping practices. During the last few weeks market analysts have accused Softbank of creative accounting after the company changed its balance sheet policy this year. (Zycie, p. 9) ... Polish oil giant PKN Orlen yesterday said that they have signed a letter of intent with the Czech fertilizer producer, Agrofert. This will allow PKN Orlen to begin due diligence on Unipetrol and possibly purchase a 63% stake in the company from Agrofert. This news comes two days after PKN Orlen said it resigned from a tender to buy the Croatian fuel group, INA. (Gazeta Wyborcza, p. 21; Reuters) ... TPSA announced that its revenues grew by approximately 3% in the second quarter, reaching zl. 4.4 billion, which is in line with analysts' expectations. According to TPSA spokesperson Witold Rataj, the current results should be perceived as positive in the face of the current sector recession. (Reuters) M.T.K.