PZU: zł 870 million profit, CEO likely to be sacked today

It is very likely that today Treasury Minister Piotr Czyżewski will sack the president of insurer PZU Zdzisław Montkiewicz. According to the latest Ministry statements, it has lost trust in Montkiewicz after it was discovered that he had signed a confidential agreement with HSBC which could have led to a change in the ownership structure of the insurer. Also on Monday, PZU's general shareholders meeting will take place and decide how to divide its 2002 profit of over zł. 870 million. The result is the best in the history of the company and almost 30% higher than in 2001. It is probable that at least some of the profits would be designated for dividends. According to analysts, 2002 was probably the last year for a while that the company will post such a good result, as over the next few years it will have large investments, among others relating to the launching a new comprehensive IT system. (Rzeczpospolita, p. B1) M.M.