Stomil Olsztyn to respond today to Michelin sanctions

The management of tire-maker Stomil Olsztyn is this morning expected to issue a statement in response to majority shareholder Michelin's announcement that it would impose financial sanctions on the company. According to an anonymous source quoted by Gazeta Wyborcza, Stomil Olsztyn chairman Benoit de la Brechte yesterday received a letter from top executives at Michelin, announcing an immediate freeze on new investments and the removal of financial support for the plant's exports. Michelin says it will maintain only those investments that are essential for the normal operation of the plant, and that the sanctions, to become effective immediately, will be withdrawn only after its dispute with minority shareholders has been resolved. Minority shareholders accuse Michelin of skimming money from Stomil Olsztyn through the imposition of various charges, including technological support and license fees, and the sale of its tires at cut price to the Michelin group. (Gazeta Wyborcza, p. 20) M.T.