Irregularities in Gryfia’s restructuring

Irregularities in Gryfia’s restructuring

The Supreme Audit Office (NIK) has announced the results of an audit of the restructuring of the Gryfia Marine Repair Yard.

NIK’s assessment of the matter is negative. The restructuring was carried out by the Company Development Fund. A total of four repair programs implemented by Gryfia failed to improve the company’s financial situation. More than PLN 300 million of public money was involved in them. Despite this, it had a loss of 104 million zlotys at the end of 2020.

The Company Development Fund is a one-person Treasury company that was established in 2016. Its goal was to effectively use the assets that remained after satisfying the creditors of Treasury companies taken over by the fund. It was to be used, among other things, for the restructuring of companies operating in the state sector.

The NIK estimates the scale of financial irregularities in the support provided to Gryfia at PLN 4.8 million. According to the Chamber, there is also a risk that the financial transactions carried out will be considered as unauthorized public aid.

Source: https://www.bankier.pl/wiadomosc/NIK-negatywnie-oceniamy-restrukturyzacje-stoczni-Gryfia-przez-Fundusz-Rozwoju-Spolek-8394733.html

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