Ex-CEO of Swarzedz furniture producer to be investigated

16-08-2007, 17:55

Swarzedz supervisory board suspects that ex-CEO committed a crime. The case will go to the prosecutor’s office. The suspected manager keeps quiet.

The supervisory board of Swarzedz believes that Wlodzimierz Ehrenhalt, the former CEO of the listed furniture producer, did not spend money properly. The management will soon file a suit to the prosecutor’s office.

“Legal audit is being conducted in the company. The results will be known in two weeks”, Dariusz Sarnowski, Swarzedz chairman said.

Marek Kaminski who has been Swarzedz CEO for a week, said that the company used to spend money on things which gave it no profits. “PB” has not been able to talk to Wlodzimierz Ehrenhalt whose mobile was switched off.

Dariusz Sarnowski is supposed to choose the new management in the upcoming weeks. It will prepare the strategy for the years 2008-10. In its preliminary provisions to the strategy, Swarzedz boasted to have had no more financial problems since December 2006. The company wanted to regain its leading position on the furniture market. In the second quarter, the company had PLN 4.64m (EUR 1.2m) of consolidated sales, or 142.7 percent more than in the same period of last year. Net loss in the second quarter amounted to PLN 1.4m against PLN 2m a year ago. The ex-CEO promised net income this year.

“I cannot comment on this, nor on the second quarter report, especially that there is no representative of the previous management in the company presently. I’m sure that results will be improved but I cannot promise a net income this year”, Marek Kaminski said.

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