Pension-fund company Epoka needs zl. 7 million to avoid being liquidated

Pension-fund company Epoka is on the verge of collapse and shareholders are to meet tomorrow to decide its future. The Pension Fund Supervisory Office (UNFE) is demanding shareholders further capitalize Epoka or it will withdraw the company's license, which effectively means liquidation of the fund. All the stakeholders in the company are domestic: Bank Ochrony Srodowiska (BOS) owns a 40.1% stake, and the remaining shares are owned by Szczecin Shipyard, state-owned Bank Gospodarstwa Krajowego, copper-producing enterprise KGHM and three power plants. In March shareholders voted to increase Epoka's capital by a further zl. 4.5 million to zl. 7 million (up from a previously-agreed-upon zl. 2.5 million) by the end of May. However, it was also decided the stakeholders' supervisory boards would have to agree to this figure, and so far no decision has been made. Currently, Epoka's capital base is zl. 72 million. The partnership has its own capital of zl. 4.3 million (euro 1 million), but it should be at least euro 2 million. Epoka says it will only receive zl. 4.5 million instead of the planned zl. 7 million, as some shareholders (Szczecin Shipyard and KGHM) do not want to invest any more money. If Epoka raises the zl. 7 million, it will be able to meet its debts and operate for the next two to three months. (Gazeta Wyborcza, page 20) M.M.