PZU Zycie head resigns in face of Treasury protests

Polish Insurance Company (PZU) chairman Zdzislaw Montkiewicz has resigned from his function as president of the supervisory board of life insurer PZU Zycie, which is part of the PZU capital group, a position he recently accepted against the wishes of Treasury Minister Wieslaw Kaczmarek. Montkiweicz wrote in a statement that he had taken the decision for the sake of the image of the PZU Group, but also out of respect for the State Treasury Minister. "In connection with the fact that opinions questioning the legality of appointing the PZU Zycie supervisory board could negatively affect the image of the whole PZU capital group and to avoid any negative results of controversies which might arise due to my appointment, I withdraw my acceptance of the position as president of the supervisory board of PZU Zycie," reads the statement sent to the Polish Press Agency (PAP). Montkiewicz's appointment annoyed Kaczmarek, who suggested that he should resign. According to insiders, Montkiewicz's accepting the top post was evidence that he wanted to dismiss the Treasury Minister's man, chairman of PZU Zycie Ireneusz Nawrocki from his position. (Prawo i Gospodarka, p. 7) M.T.