Shipyards and their suppliers to get State guarantees

Economy Minister Jacek Piechota has pledged more than zl.750 million in state guarantees for the shipyard industry and its suppliers, but warned that the sector cannot expect systematic and constant government support. The government is to extend loan guarantees of zl.150 million to Poznan ship engine producer Cegielski and $150 million to the Gdynia Shipyard group, which is now considered a high-risk company by banks due to the receivership of the Szczecin Shipyard. Piechota also said that future consolidation of the New Szcecin Shipyard with the Cegielski and Gdynia companies is possible saying, "We cannot talk about consolidation until all these companies are financially healthy. If we consolidate sick businesses, we can talk only about a hospital". Piechota also reiterated that the main cause of the Szczecin Shipyard's collapse was mismanagement. Prosecutor Karol Napierski said that, according to a certified auditor, zl.69 million had been embezzled from the company and declared that further arrests would be made. (Gazeta Wyborcza, p. 21) T.J.