LOT closely watched by its shareholders

06-02-2007, 14:47

Warsaw (Puls Biznesu) – The stake of LOT flag carrier owned by the Swiss bankruptcy officer may soon come to Poland.

Warsaw (Puls Biznesu) – The stake of LOT flag carrier owned by the Swiss bankruptcy officer may soon come to Poland. 

Yesterday, the representatives of the Polish Ministry of the Treasure and the bankruptcy officer of Swissair, two main shareholders of LOT airline, met.

“The shareholders agree that for the company’s sake the process of choosing the CEO should be concluded quickly. They discussed possible changes in the shareholder structure”, Pawel Kozyra, the Ministry of the Treasure spokesman said.

It looks like the parties have already reached agreement or are about to do it. 

LOT has had no CEO since November 14th when Krzysztof Kapis was fired. Tomasz Dembski became the temporary CEO. He is the state’s candidate to become LOT CEO. However, neither the bankruptcy officer nor LOT employees support him. All meetings of the supervisory board have so far ended with a fiasco. The Ministry of the Treasure offered to buy the 25-percent stake from the bankruptcy officer (KGHM state-owned copper producer would do this for PLN 350m, or EUR 90.3m). The ministry threatened that otherwise it would amend the law concerning LOT to make it possible for the GSM to choose the CEO instead of the supervisory board.

Meanwhile, the state introduced some changes in the supervisory boards of LOT subsidies. A control commission appeared in LOT and confiscated eight computers. Trade unions filed a suit at the prosecutor’s office yesterday.

(PLN 1 = EUR 0.258)

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