“PB” has found documents, in which Elektrim asks its court supervisor to be allowed to withdraw from the privatization agreement giving the company nearly 50 percent and control over PAK power plants. The request was submitted on November 8th.
Elektrim explains that it faces multi-billion losses unless it implements its investment promises on time. Meanwhile, the Ministry of the Treasury failed to keep to its promises and sell Elektrim further stock of PAK. So far, Elektrim has built Patnowa II power plant with 460MW of capacity. Elektrim invested EUR 585m. If it failed, the company would have to pay PLN 1,127m (EUR 313.9m) of fine. But another project is endangered: Patnow I. It should be ready before 2011. Elektrim may fail to do this. There is not enough time and besides the troubled company would have to invest PLN 3bn. The fine here may amount to PLN 1,073bn.
While withdrawing from the contract, Elektrim would like to get some money from the state. In Summer, Elektrim demanded PLN 2bn. Now, it hopes to get at least PLN 767m, plus PLN 270 of interest, PLN 300m of buying out employers shares to list just some of the amounts.
Surprisingly, Zygmunt Solorz-Zak, Elektrim main shareholder, is not sure he wants to withdraw from the agreement.
“We are ready to do what the government wants us to do. We may also sell shares or buy the remaining stake from the state. We need only a clear declaration. The case is diligent because we need to do investments”, Zygmunt Solorz-Zak said.
(PLN 1 = EUR 0.278)