Poland: Brussels will check subsidies for FSO car plant

APA - Austria Presse Agentur
18-01-2005, 11:32

Warsaw (Puls Biznesu) – Brussels will consider whether to start proceedings against Poland for giving subsidies to FSO, the Warsaw car plant, Jonathan Todd, the spokesman of the competition EU commissioner said. He did not say when any decisions could be made.

Warsaw (Puls Biznesu) – Brussels will consider whether to start proceedings against Poland for giving subsidies to FSO, the Warsaw car plant, Jonathan Todd, the spokesman of the competition EU commissioner said. He did not say when any decisions could be made.

Arkadiusz Krezel, the CEO of Industrial Development Agency ARP expected the decision to be made around January 19th. FSO issued new shares worth PLN 53 m (EUR 13 m), which, as state help, were to be bought by ARP. Brussels failed to accept the transaction, and FSO shareholders did not vote for the issue. They are going to meet again on January 26th.

Polish government approved of the saving programme for FSO in April of 2004. The funds were to be used for increasing the plant’s sources and severance pays for the fired workers. Ukrainian AwtoZAZ is interested in the Warsaw plant. Talks concerning the possible investment are going on.

(PLN 1 = EUR 0.245)

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