Mostolstal Export on verge of shareholder confidence crisis

In contrary to what had been announced earlier, during yesterday's General Shareholders' Meeting of Mostostal Export (ME), one of the largest construction companies, its chief executive, Michał Skipietrow, was not suspended from his duties. A motion to suspend him came from Adam Ruciński, the representative of financial investors. "The company's financial results are nowhere near projections, and now it has lost its financial liquidity," said Ruciński. Not only did Ruciński lose his motion but he was removed from the supervisory board after the meeting. The attempt to oust Skipietrow is part of growing dissatisfaction with ME's ongoing restructuring process, and investors are now losing faith in the company. Over the past few days both Bank Austria Creditanstalt and Deutsche Bank both sold large portions of their minority stakes in ME. (Puls Biznesu, p. 7) A.K.