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CORPORATE NEWS

TAZ Trnava's debt may cause layoffs at Sipox

At the beginning of next year, TAZ Sipox will have to lay off 500 of its employees if the controversy between TAZ Sipox and the newly-privatized firm TAZ Trnava continues, warned Jozef Majský, TAZ Sipox's owner and director. TAZ Trnava is situated inside TAZ Sipox's area and owes Sipox 97 million Sk for energy supplies, Majský contended. This debt, however, has not been accepted by TAZ Trnava's new management. Since the firm has not adhered to its payment schedule signed in April, Majský maintained, Sipox cut off its electricity, gas and water. TAZ Trnava's monthly sales averaged 22 million Sk so far through July, but the firm's sales in August dropped to 15 million Sk and in September plummeted to zero.

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