Romania's Oltchim to take legal action against ex-board members

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, Germany's Petro Carbo Chem (PCC), and Wojciech Zaremba, the business development manager of PCC, are accused by Oltchim of conducting a negative, misleading publicity campaign with the use of confidential information that has financially undermined it.

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.

To discuss issues facing the chemical industry go to ICIS connect

By: Will Conroy
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly