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CEO of state investment firm sacked

PR dla Zagranicy
Peter Gentle 17.09.2014 10:57
Mariusz Grendowicz has been dismissed from the top post at state-owned investment Polish Investments for Development (PIR).

photo
photo - press materials

The supervisory board of PIR announced the decision late on Tuesday, confirming earlier speculation in Polish media. Grendowicz himself had earlier denied the rumours.

“My mission as CEO of Polish Investments for Development ended today,” he wrote in a statement issued after the decision. “It happened sooner than I had expected.”

The board is due to announce a competition for a new CEO. Before that happens, the management board will be composed only only of Michał Lubieniecki and Przemysław Sztandera.

No justification was given for the dismissal. However, business media in Poland have earlier suggested that the government is planning major structural changes in PIR, tranforming it from a company into a regular investment fund.

The company, one of the two operators of the government's Polish Investments programme, has been subject to controversy since its establishment was announced. It was also mentioned in a negative context in one of the illegally recorded conversations that were part of the recent tape scandal.

PIR was officially registered last year. It has so far finalised one investment deal, with oil firm Grupa Lotos. As Grendowicz said in his leaving statement, his team has also prepared several others, two or three of which should be finalised before the end of 2014.

“These transactions should result in infrastructure projects worth at least 10 billion zloty surfacing before the end of 2015,” his statement also said. (kw)

Source: PAP

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