Rafako, one of the largest Polish companies specializing in engineering and construction, is having more and more serious problems. The company is on the verge of bankruptcy and there is little indication that it has a chance to get back on track. Its current debt amounts to PLN 700 million. In the middle of the month, the company’s management board decided to start preparing a bankruptcy petition.
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First, she is short of orders. As wnp.pl explains in extensive material, contractors complain about irregular payments of invoices. Subcontractors are also not willing to continue business relationships. They demand payment in advance. And because the company’s staff is unable to carry out tasks on their own, there are entire weeks of downtime.
Could PFR support the acquisition of Rafako?
The website emphasizes that the company itself is shifting blame for the current situation. Maciej Stańczuk, who was dismissed from the position of Rafako’s president at the beginning of November (pressured by, among others, PFR, a minority shareholder), in an interview with WNP states that during the time he managed the company, liquidity was maintained and relations with subcontractors were “tight but stable”.
Stańczuk claims that there was a chance for Rafako to be taken over by Michał Sołowow’s MS Galleon fund. According to the manager, PFR president Paweł Borys was against such a solution.
– PFR did not show any initiative to contact the fund’s representatives. There was only one meeting with PFR TFI; I did not participate in it, but I organized it and I know that MS Galleon confirmed its interest in Rafako, but after this meeting there was no reaction from the state fund, so together with the management board we decided to hold a direct meeting with the president of PFR, Paweł Borys – says Stańczuk WNP.PL.
The Polish Development Fund commented on these reports in an interview with the website. “Paweł Borys did not and does not have any influence on the investor processes in Rafako,” the Fund claims.
Former president of Rafako: The decisions could have been political
Stańczak believes that the decision could have been politically motivated. – Most likely, it was about shortly before elections not have to deal with bankruptcy proceedings in the case of a quite media-public company that has always been the subject of interest of politicians of many stripes. Let’s not forget that shortly before the elections, even Prime Minister Morawiecki spoke about it, arguing that he would not let it fall as long as he governed, comments Stańczuk.
The previous president of Rafako, Radosław Domagalski-Łabędzki, does not blame PFR for the situation, but the problems of PGB, the company’s majority shareholder. The company is in liquidation and “blocks the company’s debt relief for nearly half a billion zlotys, which means Rafako cannot return to the market.”
The company bought a piano for one million zlotys
CIS also discusses mutual blame-shifting for issues related to alleged irregularities. – These are some strange transactions involving the sale of company cars to employees of companies from the Rafako group at completely unmarket prices. These were slightly shocking stories that should not happen in any company – explains Stańczuk to WNP.
Another example of such a transaction is the purchase of a piano for over PLN 1 million “at the request of the Lux Veritatis foundation of father Tadeusz Rydzyk”, which “is building the Museum of Memory and Identity of John Paul II. The main construction contractor is Rafako”. Stańczuk claims that he canceled the order and does not know who signed it after he left.
Rafako’s problems became famous several months ago. The company was involved in the construction of a 910 MW unit in Jaworzno for Tauron. The contract worth over PLN 5 billion became the source of the most famous dispute in the domestic energy sector.
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2023-10-29 15:44:10
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