PZU Zycie stalls ABN Amro's work on PZU flotation

The Treasury Ministry's Powszechny Zaklad Ubezpieczen (PZU) privatization adviser ABN Amro, is unable to compile an issue prospectus for the company because it has no access to the financial data of PZU's life insurance arm PZU Zycie. PZU management says the company's shares will be floated in the first quarter of 2001 and the prospectus is to be prepared by late January, though this is questionable. The new PZU CEO Jerzy Zdrzalka said he has been unable to control the life insurance arm of the group and obtain the information about the date of the shareholders meeting, which will vote to change the management board's composition. The head of PZU Zycie Grzegorz Wieczerzak maintains he was never asked to disclose the date of the meeting. Zdrzalka does not rule out the possibility of becoming head of the life insurer. (Puls Biznesu, page 7) P.S.