Warsaw (Puls Biznesu) - The European Commission sent a letter to Poland's ambassador to EU on November 3rd concerning three entities whose aim is to restructure companies: Industrial Development Agency (ARP), TFS financial company and Nafta Polska (NP). It is too early to comment, Magda Nienaltowska from the Ministry of Treasure said. The EC want to know the scale and sources of financing of these entities. It also asks for lists of public subsidies granted by them and the lists of beneficiaries.
ARP is to give details on 25 companies whose restructuring it is overseeing. Brussels says that it knew of only six companies.EC understand that TFS had PLN 500m of sources to support steel sector restructuring. Moreover, at least Huta Stali Czestochowa (HSC) was to generate additional income. The media, however, say that the company has losses. Therefore, please explain how the funds were used, the letter said.
"Puls Biznesu" said before that TFS earned PLN 250m (EUR 62.6m) selling HSC. In 2004, it had PLN 57m of loss. We will deliver necessary data but for the time being we would rather refrain from comments, Hanna Weglewska, TFS spokesperson said. As far as Nafta Polska is concerned, the European Commission demands data on how it was engaged in restructuring and privatisation processes of chemical companies.
(PLN 1 = EUR 0.250)