Mostostal Export director owns up to his mistakes

President and co-owner of Mostostal Export (ME) Michał Skipietrow admitted that his biggest corporate mistake was too over-invest in the property development sector and announced that until the end of his term (June 2004) he would try to rebalance the company before leaving it. ME used to be the blue chip of the Warsaw Stock Exchange, but currently it is balancing on the verge of losing liquidity or even bankruptcy. He puts the company's fortunes down to the sluggish economy and the fact that Mostostal was not looking for a sector investor as another reason for its problems. Skipietrow's plan of returning ME to profitability is based on two objectives of decreasing fixed costs and retrieving money invested in development projects. (Puls Biznesu, pp. 1, 3) M.M.