Treasury team to investigate PZU privatization contract

Treasury Minister Andrzej Chronowski has formed a special team to analyze the privatization contract for the largest Polish insurer, Powszechny Zaklad Ubezpieczen (PZU). The new group, working under Deputy Treasury Minister Aldona Kamela-Sowinska, will concentrate on solving procedural and legal questions concerning the interpretation of the PZU privatization contract. However, the Ministry refused to disclose details about the team or the Ministry's plans concerning the insurer. Over the last few days a show of disregard for the PZU minority shareholders, the consortium of Eureko and BIG- Bank Gdanski, which together hold 30% of the company, has appeared as the Treasury Ministry reveals a growing appetite for the entire PZU stake. The situation has now become even more complicated since Bohdan Wyznikiewicz, the Eureko candidate for PZU supervisory board chairman, eliminated himself from consideration on Tuesday, allegedly under Treasury Ministry pressure. It is also known that Wyznikiewicz had the support of Emil Wasacz, former Treasury Minister.(Gazeta Wyborcza, p. 21)