Not guilty – this is what the court in Szczecin decided about managers of Stocznia Szczecinska Porta Holding. The judge said that the decisions the businessmen had made were legal and reminded that they were not found illegal by state-owned agencies at that time.
“We may appeal”, representative of the prosecutor’s office in Poznan said.
The prosecutor questioned transactions made among companies from the group in the 1990ies.
“We also had to fight against acquisition from Korean investors. Banks wanted to sell their stakes, the government did not consolidate the group, and the EBRD and Norwegians did not invest in the company”, that’s how Krzysztof Piotrowski, Porta Holding CEO explained why the transactions were necessary.
The shipyard’s managers believe that the accusation was necessary for the state to take over the holding in 2002. The shipyard had financial problems and was applying for state guarantees for USD 40m of credit. Meanwhile the leftist government did not like the way the company was managed. The managers were arrested. The state took over the holding which very quickly went bankrupt. On the basis of its assets, Stocznia Szczecinska Nowa shipyard was founded. Now, the latter needs privatization. Zlomrex is interested but before it invests in the shipyard, the state needs to cover losses incurred by unprofitable contracts.
(PLN 1 = EUR 0.286)