Zaremba, PCC SE: "We won"t withdraw from Oltchim"

Wojciech Zaremba, Business Development Manager for German Group PCC SE, minority shareholder of "Oltchim", is certain that the company"s shareholders will vote on Friday for initiating the liability proceedings against him and former administrator Waldemar Preussner for their actions against the chemical plant, as representatives of PCC SE.

"We already know the outcome of Friday"s General Assembly, the liability proceedings will be initiated and I will be removed from the board, but this doesn"t scare me", Wojciech Zaremba yesterday said, during a press conference.

He said that the company he is leading is pressured by "Oltchim" and by the majority shareholder.

"No one can frighten us or shut us up. I may even go to prison, but PCC SE will not withdraw from Oltchim", the official of the German company said yesterday.

He denies allegations of "Oltchim" officials that he manipulated stock prices of Oltchim and leaked confidential information to the press.

Mr. Zaremba said: "These accusations are absurd. I did not manipulate the price of Oltchim shares (OLT), it rose when the rumour came out that we were looking to buy a large stake. We only sold stock once, approximately 0.8% of the shares, when prices had reached 1.5 lei/share. This information is public, it can be found in the company"s balance sheets. All we did was call attention to the company"s situation".

The agenda of tomorrow"s General Assembly also includes initiating the liability proceedings against administrator Constantin Roibu for the damages caused to Oltchim by breaching his duty towards the company