12 October 2009 11:39 [Source: ICIS news]
PRAGUE (ICIS news)--Oltchim shareholders have voted to begin legal proceedings against two former board members who represented an activist minority stakeholder, the Romanian chemical group said on Monday.
Waldemar Preussner, the owner of the stakeholder, ?xml:namespace>
Zaremba was voted off the board in tandem with the announcement of the legal move, Oltchim added.
In a statement, PCC categorically denied that either Preussner or Zaremba were guilty in any way of any of the claims made against them by Oltchim.
PCC, which owns 12% of state-controlled Oltchim, said it had legitimately tried to outline its opinion that the Oltchim board's crisis-recovery plan risked steering the indebted enterprise into far worse financial dire straits.
Oltchim said it stood by the plan as its best hope for a revival of the company.
PCC is contesting as invalid various elements of the state assistance proposed for Oltchim through complaints lodged with the European Commission competition authorities and the Romanian courts.
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