Treasury and investors still at loggerheads in PKN Orlen

During yesterday's stormy continuation of the general shareholders meeting of PKN Orlen, the largest domestic oil concern, financial investors criticized the State Treasury for proposing resolutions which grant the Treasury too much influence over the company's future. In reply, Treasury representatives announced that they will present a compromise solution on Monday and will withdraw from its privilege of having more than 20% of votes during a shareholders meeting not later than by the end of June 2005, a limit currently enforced on the rest of the shareholders. Meanwhile, Treasury representatives, backed by numerous announcements made by Prime Minister Marek Belka, are preparing changes to the composition of the board, including sacking the company's current president, Zbigniew Wróbel. (Puls Biznesu, p. 6; Parkiet, p. 1) A.K.