Supreme Board of Inspection maintains Eureko received too much power

According to the Supreme Board of Inspection (NIK), the current conflict in Poland's largest insurer PZU arose from an improperly signed privatization agreement and ambiguous activity on the party of former Treasury Minister Emil Wasacz. The former presidents of the company and its subsidiary PZU Zycie, Wladyslaw Jamrozy and Grzegorz Wieczerzak, respectively, also caused misunderstandings through some of their moves, including a secret contract Jamrozy signed with Deutsche Bank for selling stake owned by PZU in BIG BG. In the report about PZU, NIK had no reservations about choosing the consortium of Eureko and BIG BG as investors in the insurer, but did not approve the division of power in the PZU Supervisory Board, as the Treasury and the investor received an equal number of seats. 'For a 30% stake, the consortium received the position of strategic investor,' said Janusz Wojciechowski. 'The Treasury Ministry should try to reach agreement with the remaining PZU shareholders. It should take into consideration the conditions in which the State Treasury signed the privatization contract(...),' concluded NIK in its report. (Puls Biznesu, pp.1,3) M.M.