Rumors of disagreement among Polkomtel's shareholders

Vodafone and TDC, the foreign shareholders in telecom operator Polkomtel, are reportedly in conflict with Polkomtel's Polish shareholders over the company's management board. According to unofficial information in Puls Biznesu, copper concern KGHM, energy giant PKN Orlen and Poland's power grid, PSE, support current vice-president Miroslaw Bielicki for the position of president of the supervisory board, while Vodafone and TDC are lobbying for Wojciech Pytel, a suspended member of the board. The foreign investors could reach a compromise with the Polish investors, in which case they would demand that they be given the right to choose Polkomtel's new vice-presidents. Vodafone and TDC are also likely to block any decisions pertaining to the board elections, as they have 50% of the votes in the company. They have also prepared a lawsuit in the Vienna arbitration court, demanding the annulment of the decisions made at Polkomtel's last supervisory board meeting. The two companies claim that the decision by the Polish investors to recall the management board was harmful to the company's interests. Vodafone and TDC are also preparing an offer to purchase 10% of PKN Orlen's almost 20% stake in Polkomtel. The transaction would equalize the foreign shareholders' influence with that of the Polish investors. (Puls Biznesu, p. 3) M.T.K.