PZU to dismiss board of life insurance arm PZU Zycie

The daily Rzeczpospolita has learned that the board of life insurer PZU Zycie will convene a shareholders meeting on Oct. 30 to dismiss the firm's supervisory board. The owners of PZU Zycie are Poland's largest insurer, Powszechny Zaklad Ubezpeiczen (PZU) but in recent days, all efforts to have direct control of its daughter company have been frustrated. The row between the two, according to PZU, could delay the debut of PZU on the Warsaw Stock Exchange (WSE). The Treasury, which controls an absolute majority of PZU, had planned to introduce 50% of the insurers shares on the WSE by the end of the first half of 2000. Analysts say if the situation is not addressed urgently, it reduces investor confidence in PZU and thus affects the firm's share price when it debuts on the bourse. (Rzeczpospolita, page B1) S.M.