Support for BRE Bank plan may cost the job of Elektrim vice president

Telecoms and energy group Elektrim announced yesterday that Deutsche Telekom (DT) may exercise a call option to buy its stake in Eastern Europe's largest mobile phone operator, Polska Telekomunikacja Cyfrowa (PTC). However, before DT can get its hands on Elektrim's indirect 25% stake in PTC it must first win an arbitration battle. Elektrim, which is currently in debt restru cturing talks with bondholders and under pressure to change its management, said in a statement that DT wants the company to confirm it is in "material default", which would allow the Germans to buy its PTC stake. In related news, the Parkiet daily reports that a vote on the dismissal of Elektrim deputy president Jacek Walczykowski could take place during the meeting of the supervisory board scheduled for January 30. According to Parkiet, it is being said unofficially that Walczykowski is facing dismissal because of his support for the BRE Bank proposal that a shareholders meeting expected to push through changes to the Elektrim management should be held in the middle of February. The only other member of the Elektrim management board, acting president Waldemar Siwak, is keen to delay the meeting and prefers a May date. (Parkiet, p. 1; Reuters) P.J.