Michelin avoids Stomil Olsztyn compensation vote

Michelin yesterday accused auditing company BDO of submitting a biased and unreliable financial report on tire-maker Stomil Olsztyn. Michelin, the main shareholder in Stomil Olsztyn, backed up its claim by presenting an analysis of the BDO report by two leading auditors, KPMG and PricewaterhouseCoopers. The auditors argue that BDO's conclusions are based on incomplete facts and are selective. "A motion was passed by shareholders to suspend the meeting so that they could become familiar with the KPMG and PwC report," Stomil Olsztyn press spokesperson Ewa Czarnecka said. As a result of the suspension, minority shareholders failed in their attempt to force through a vote on a resolution demanding compensation from Michelin for financial irregularities identified in the original BDO report. (Prawo i Gospodarka, p. 10) M.T.