NIK derails PKP and accuses it of grievous mismanagement

According to the report, in the process of restructuring the company, PKP is acting too slowly, violating the law and losing a lot of money. NIK detected financial irregularities in the management of PKP's assets, which brought a loss of nearly zl.78 million over the years 2000-2004. The Board also submitted a report to the prosecutor's office about one of the unsuccessful transactions, mainly a deal concerning a 10% stake worth zl.3.5 million in Wroclaw plant Pafawag, which PKP could have taken over but decided not to. "In many other cases the company's property has been sold at a loss or even with a violation of law," said Jacek Jezierski, deputy president of NIK. On the whole, there was no part of the PKP asset-restructuring plan that could be positively evaluated by NIK. According to Jezierski, the very idea of dividing PKP into several smaller companies was good, but the implementation of the plan was hopeless. (Puls Biznesu, p. 6) A.F.