Michelin cancels motion on Stomil Olsztyn accountant

Polish tire producer Stomil Olsztyn will not undergo an independent audit, after a motion to appoint a chartered accountant was removed from the agenda of yesterday's extraordinary shareholders' meeting. The only reason for calling the special meeting was to appoint the accountant, but the French majority shareholder in Stomil, Michelin, which had originally proposed the motion, decided to cancel it. The accountant was supposed to resolve a dispute with the company's minority shareholders, who accuse Michelin of channeling profits out of Stomil. "Michelin has once again demonstrated how it treats other shareholders. The case regarding the earlier failure to appoint an accountant is already in court," said ABN Amro representative Robert Jedrzejowski, who was present at the shareholders' meeting. (Puls Biznesu, p. 9) M.T.