Warsaw (Puls Biznesu) – Galliano Di Marco, the new chairman of Stalexport will decide when the supervisory board will decide about the CEO’s future. After Emil Wasacz was arrested yesterday, the stock of the company has been falling on the Warsaw Stock Exchange.
Emil Wasacz, Stalexport CEO, and formerly the Minister of the Treasure, was arrested on Monday at 6.50 a.m on allegations of mistakes at the privatization of PZU, Poland’s biggest insurer. It was a surprise for the new supervisory board built on September 15th.
“No comment”, Przemyslaw Majka, the member of the board representing PKO BP said.
Galliano Di Marco from Autostrade, the Italian investor of Stalexport, has been appointed the new chairman of the board. The Italian company listed on the Milano Stock Exchange, acquired in July 2006 21.6 percent of Stalexport for PLN 68m (EUR 17.2m), or PLN 2 a share while the stock cost PLN 2.5 at that time. Autostrade is to buy a majority stake in the Polish company.
Today, the supervisory board consists of 9 members, including four representing the Italian investor, three representing banks and two representing NFOSiGW, the environment fund. The next meeting is supposed to be held on October 13th before the EGSM planned on October 20th. The supervisory board appoints and fires the members of the board.
“The chairman decides when the board meets. It won’t be quickly”, Katarzyna Galus, a member of the board from NFOSiGW said.
Galliano Di Marco is in the USA now. Emil Wasacz was promised by Autostrade a position in the company. However, NFOSiGW has been demanding to withdraw the management since August 25. The reason: the agreement with Autostrade was not profitable for the company.
(PLN 1 = EUR 0.253)