Management of tyre manufacturer Stomil Olsztyn is fiercely denying allegations of transfering profits abroad alongside its main shareholder Michelin.
The allegations were made by BDO Polska following an audit of company accounts.
Management of Stomil claims that the audit was not impartial as the auditor itself is a minority shareholder alongside firms such as BRE Bank, PZU retirement fund and Pioneer Pekao.
The company is also rejecting claims by BDO Polska that it obstructed access to information.
BDO claims that Michelin is claiming double payment for the same service given to Stomil coming to PLN60m annually. This price includes know-how.
The privatisation agreement allows Michelin to charge 6.5 percent the value of each contract as export aid.
The auditor is claiming that the payment is a clear profit for Michelin.
The report seems to confirm the fears of minority shareholders of transfer pricing from Stomil Olsztyn to other parts of the Michelin group.
Stomil claims that the report by BDO stands out in stark contrast to that of Arthur Andersen.