News Parkiet

WEF

Economic summit starts today

Three-day European Economic Summit is starting today in Warsaw, days before Poland's entry into the European Union. Up to 700 business leaders and politicians are expected to participate in the event to discuss EU enlargement and other issues.

Much of downtown Warsaw shut down ahead of the summit because of security concerns and restrictions on car traffic in central parts of the Polish capital.

Corporate governance

PPWK fined over financial disclosure

Polish SEC imposed a 200.000 zloty ($51.000) fine on Warsaw-based PPWK map-maker after a lengthy investigation into disclosure of financial data to investors. PPWK's shares plunged in late 2002, turning into penny stock after the company adjusted its first-half sales figures from 14.2 to just 8.6 million zloty. Jacek Błaszczyński, PPWK's Chief Executive at the time was promptly fired and disappeared from public view after the scandal broke out. He resurfaced yesterday, contacting PPWK's lawyer to discuss the issue. PPWK itself said it would appeal SEC verdict

Privatization

Treasury Minister facing no-confidence vote

Polish Treasury Minister Zbigniew Kaniewski will be facing the sole no-confidence vote of his brief career, due to end on May 2nd with the dismissal of Leszek Miller's entire cabinet. Opposition politicians are blaming Mr. Kaniewski, a former geography teacher for losing control over state-owned power industry firms. Kaniewski himself is reportedly considering resigning even before Friday's vote.

Banking

Lukasbank founder dead at 43

Polish banker Mariusz Łukasiewicz died late Monday at his home in the southern city of Wrocław. Łukasiewicz was best known as the founder of Lukasbank, a mid-sized private lender he later sold to Credit Agricole, earning an estimated 100 million dollars. With the money from Lukasbank sale, Łukasiewicz went on to start Eurobank, an innovative project based on small kiosks located in shopping malls across Poland. Mr. Łukasiewicz was just 43.