Computerland and Techmex face fines from ARiMR agency

APA - Austria Presse Agentur
01-02-2006, 16:38

Warsaw (Puls Biznesu) – The government agricultural agency demanded over PLN 10m of fines for delays in the contract. Companies want to reach settlement.

Warsaw (Puls Biznesu) – The government agricultural agency demanded over PLN 10m of fines for delays in the contract. Companies want to reach settlement.

Stock investors nervously reacted to the news that the Agency for Agriculture Development and Modernization (ARiMR) withdrew from the agreement with the consortium led by Computerland IT company. The agency accuses Computerland for failing to keep to the contract of control in farms which received EU funds. Computerland stock was losing 8.3 percent while Techmex even 20 percent yesterday.

“Negative reaction of the market is understandable but I don’t want to comment whether the scale of the decreases is reasonable”, Michal Janik, BDM PKO BP analyst commented.

ARiMR demanded Computerland to pay PLN 10.38m (EUR 2.7m). However, the IT company says that although the deadline was exceeded, it was meant to be from the very beginning.

“We decided to sign this agreement because ARiMR was in troubles and we could loose EU funds. The agency suggested that the deadline would be extended”, Computerland’s management explained.

And added that it would demand its subcontractor Techmex to pay back the money it received.

“We have received a note from Computerland but there are no reasons to burden us with the fine. Possible fines will be shifted to our subcontractors”, Jacek Studencki, Techmex CEO explained.

Computerland has already decided to make reserves for the fine. It lowered its forecast for 2005 from PLN 20m to PLN 10m. Techmex says that the conflict will have no influence on its results. According to Michal Janik, the companies’ results will be affected but not much. Computerland estimated before that fines could amount to PLN 700,000. The analyst believes that after the settlement they will amount up to PLN 2m.


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Podpis: APA - Austria Presse Agentur

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