Investment firm Colloseum declared bankrupt

Konsorcjum Finansowo-Inwestycyjne Colloseum, a company which entered the steel mill market in 1997 as an unknown investor, and was until recently regarded as a significant player, has been declared bankrupt by the Economic Court in Gliwice, following a request submitted by the National Grid (PSE). The bankruptcy of the infamous company, which still had huge plans concering the industry, is regarded as one of the most controversial in history. Colloseum began co-operation with PSE in 1998. It was responsible for collecting debts from a Będzin-based energy plant (BZE) and transferring the funds back to PSE. When the management board of BZE changed in 2001, Jerzy Wątroba, the new director, declared that his company had transferred around zł. 360 million to Colloseum, including zł. 99 million in cash and the rest in debts. According to the prosecutor, the money was never returned to the creditor. There is currently an international arrest warrant for Józef Jędruch, the head of Colloseum. Colloseum's liabilities are currently estimated at around zł. 400 million. (Puls Biznesu, pp. 1, 4) A.K.