Treasury urged to examine France Telecom's TPSA fees

The Infrastructure Ministry is to recommend to the Treasury that it investigate whether France Telecom (FT) is guilty of infringing on the rights of minority shareholders in Telekomunikacja Polska (TPSA). The Infrastructure Ministry accuses FT of charging unjustified and excessive fees for advisory and consulting services for TPSA, in which the Treasury itself is a minority shareholder and FT is the strategic investor. "It should be verified whether the interests of the State Treasury, which holds a minority block of shares, are being properly protected. There is a possibility of taking action similar to that taken at Stomil Olsztyn where, in response to a minority shareholders' motion, an independent auditor was appointed," commented Krzysztof Heller, undersecretary of state at the Infrastructure Ministry. The decision to recommend action comes in the wake of press reports that TPSA paid an FT representative over zl.9,000 for a single day's work. (Puls Biznesu, p.10) A.K.