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CORPORATE NEWS

Incheba director voted out

An August 4 shareholders' meeting of the fair complex and organizer Incheba Inc., Bratislava, yanked the entire Board of Directors and the Supervisory Board. Alexander Rozin, the removed director, said the meeting was unlawful and its results are invalid. The validity of the new bodies will most likely have to be decided in court. IMBA Inc., a company which controls 16 percent in Incheba suggested calling the shareholders' meeting after it became public that Rozin allegedly transferred almost 50 percent in Incheba to his relatives, breaching the rights of other shareholders. Acting on IMBA's proposal, the court called the shareholder's meeting and made void the Incheba shares worth 44 million Sk held by Rozin and his relatives.

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