19 October 2012 16:53 [Source: ICIS news]
The Inter-Company Protest Committee of the Ciech Capital Group said it wants ministers to set up an independent financial audit of state-controlled Ciech to help assess the necessity of the hundreds of redundancies it claims will be caused by the strategy.
“The difficult financial situation of the Ciech group largely arose because of the incorrect policies of previous managements, such as moves into currency options and over-investment,” the committee said in a statement.
“We believe the difficulties are now being addressed at the expense of the employees. An independent audit is necessary to establish the actual financial situation of the group,” it added.
On 15 October, Ciech announced a deal to sell sections of its Zachem toluene di-isocyanate (TDI) business to German chemicals giant BASF.
Due to a non-competition clause in the deal, Zachem will have to withdraw from TDI production.
On 18 October, analysts at investment bank WOOD & Company backed Ciech's decision to continue down the path of divesting its non-core business segments in favour of greater focus on the company's core, higher margin soda ash business.
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