New chairman of Elektrim sweeps through recent company contracts

Elektrim's shares jumped yesterday by 11% on the Warsaw Stock Exchange despite the fact that there is no news about the enterprise that would justify such an increase. One explanation might be the rumors that Elektrim will so on come to an agreement with its creditors. However, this is a double-edged sword, for should they fail to come to terms, creditors might file a petiti on for bankruptcy proceeding. Meantime, following Michal Radziwill appointm ent as chairman of the management board, he has begun to examine all recent contracts to see if they are detrimental to the company, and indeed some co ntracts have already been dissolved. It is possible that previous members of the board might face charges of acting against the interest of the company. The Central Investigation Office (CBS) and the State Security Office (UOP) are starting various investigations into some of the more serious accusatio ns. (Prawo i Gospodarka, p. 5; Puls Biznesu, p. 4), M.T.