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Friday, June 21, 2024

PKP Cargo SA “close to bankruptcy”. “It's worse than I thought”

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When PKP Cargo was listed on the stock exchange, the company's shares were priced at PLN 70. The President of Law and Justice said then that it was not enough. After eight years of PiS rule, the shares are priced at PLN 14. PKP Cargo has lost almost half of its market, and there is no money even to pay the staff.

– It's worse than I thought – says the new, interim president of PKP Cargo. This is his eloquent reaction to what he found in the company after the previous management. – We used to have over half of the market. Today we have less than 30 percent – emphasizes President Marcin Wojewódka, acting president of PKP Cargo SA

The allegations are serious: the hole in the company's budget amounts to nearly PLN 5 billion. There is not enough money even to pay the crew. As a result, the new management will send almost one third of the employees to the so-called non-work status. Layoffs are possible.

– Thousands of our employees are bored today, they have no job because there is no transport work – says Wojewódka.

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Prizes worth almost PLN 800,000 and VIP packages for the Games in Paris

This is because in recent years the company has lost contracts and customers have switched to competitors. Over the last eight years, the price of PKP Cargo shares has fallen by over 80 percent.

– Today's condition of PKP Cargo is dramatic – comments Jakub Karnowski, former president of PKP Cargo SA. When asked why this is the case, the former president has a clear answer. – This is, of course, the result of Cargo's political management. The people who managed Cargo at that time (during the PiS government – editor's note) did it in a terrible way – says Karnowski.

The last president of PKP Cargo was Dariusz Seliga. He is a former Law and Justice MP. The company's data shows that at a time when the company was already in a dramatic condition, he himself earned and received prizes for a total amount of almost PLN 800,000.

And from the inspection of MPs Joński and Bosacki, we learn that members of the Cargo management board were entitled to VIP packages for a trip to the Olympic Games in Paris. – Such a package could be worth up to PLN 50,000, and there were several packages – says Dariusz Joński, MP and candidate of the Civic Coalition in the European Parliament elections.

Their cancellation was one of the first decisions of the new government.

“Nobody reacted to the fact that it was getting worse every year”

– PKP Cargo is on the decline due to the PiS government – says Marcin Bosacki, MP and candidate of the Civic Coalition in the European elections. Law and Justice looks for the problem in the market, but not in its management. The market was changing, that's a fact, but the company couldn't keep up with it – experts say.

However, the former minister of assets stands behind the then authorities. – I have the feeling that President Selig did a lot to manage this company well – says Jacek Sasin, former Minister of State Assets and Law and Justice MP.

READ ALSO: Some of the PKP Cargo crew may be temporarily released from work

One ticket for trains, trams and buses. Klimczak about the integrated ticketTVN24

– The situation is hopeless. But is it any wonder, since there was incompetence and wrong decisions in these wagons, this train was simply going to the wall with the words “disaster” written on it? – asks Arkadiusz Marchewka, deputy minister of infrastructure and member of the Sejm from the Civic Coalition.

PKP Cargo is a listed rail freight carrier, the second largest in the European Union. The company has been losing value in recent years, reducing employment, and today, according to experts, it is on the verge of losing financial liquidity.

– This is a company that is really close to bankruptcy and at the moment all the difficult and painful things that are being implemented could have been avoided, but unfortunately no one reacted to the fact that it is getting worse every year – says Adrian Furgalski from the TOR Economic Advisory Team.

The Minister of Assets decided that the new president of PKP Cargo would be selected in an open competition.

Main photo source: TVN24



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