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2008-10-09 Polfa Tarchomin fights for its survival

Polish Pharmaceutical Holding (PHF) is a mistake - claim NIK (Supreme Chamber of Control) and MSP (Ministry of Treasury). The company survived another year despite the decision to sell all three Polfa which belong to the holding. Tarchomin Polfa, the weakest financial holding company, is struggling again. Pekao SA, a Polish bank, which passed Polfa’s 40 mln PLN credit line. There are ongoing negotiations on signing a new contract. The Bank expectations are “fairly drastic” – said Henry Wozniak, PHF CEO.

The situation is further complicated by the fact that the owner of Pekao SA - Italian UniCredit - found himself in trouble as a result of the collapse of financial markets.

Tarchomin is also waiting for the promised EUR 20 million loan from the Industrial Development Agency. This is a short-term public assistance (granted half-year) to rescue the company. It is supposed to finance e.g. a program of voluntary departures.

Polfa Tarchomin will be the first company PHF, sold for private investor. The decision to sell the company was made almost a year ago. In the meantime, the board adopted a schedule of PHF and opened tenders for privatization and legal adviser for Polfa Tarchomin.

Responsible for pharmacy Treasury Deputy Minister Jan Bury said that investors are still interested in Polfas. Today NIK, which has already sent several requests to the General Attorney in connection with the omission of Polfa privatization repeated, together with MSP, that both decisions of PHF formation and the subsequent implementation of this concept were the wrong.

MSP assumes that the PHF activity will be ended by the beginning of 2010. Ministry of Economy, however, had not even prepare an application for change of strategy for pharmacy, which implies a further strengthening of the Holding Company. It was submitted by MSP only in September. If the Council of Ministers will not concern the claim quickly enough the existing strategy will expire. MSP wants to privatize all companies in the pharmaceutical industry by the end of 2010.

M. Mackowski
Source: rzeczpospolita