Official ZE PAK losses differ from Elektrim's estimate

The company will close the accounting year 2004 during today's general shareholders' meeting . Interestingly, this figure differs considerably from the sum that was published in the consolidated report of Elektrim, ZE PAK's majority shareholder. According to Parkiet daily, both ZE PAK's management board and supervisory board have accepted the plan to lay off 240 people from the Konin power plant, which is connected with the planned reduction in production powers. PAK's trade union does not agree with the cutbacks and claims that the company is violating its privatization agreement. If the management board does not change its mind the unions say they will apply to the Treasury Minister and they do not exclude the possibility of going on strike. (Parkiet, p. 1) A.F.