Sejm committee critical of rushing PZU privatization

The Sejm Banking and Insurance subcommittee has taken a position criticizing the Treasury Ministry's decision to privatize the insurer Powszechny Zaklady Ubezpieczen (PZU). According to the subcommittee, Treasury Minister Emil Wasacz was in breach of the recommendations of Cabinet when he sold off 30% of shares of PZU. They assert for this reason, Wasacz should be relived of his duties as legal custodian of the 70% of state-owned stakes in PZU. The deputies also added that the Minister should reinstate the suspended board of PZU. In related news, the daily Prawo i Gospodarka has learned that the next shares of PZU could be publicly floated at the earliest in mid 2001. The daily has also learned the deal to sell 20-25% shares of PZU to the pan European insurer Eureko could be completed within the next 30-40 days. (Rzeczpospolita, May 27-28, page B4, Prawo i Gospodarka, May 27-28, page 1) S.M.