Saule Technologies is said to be on the brink of bankruptcy.
Co-founder Olga Malinkiewicz has stepped down as company firm faces mounting financial difficulties. Olga Malinkiewicz, the co-founder and vice president of Saule Technologies, as well as its largest shareholder, has filed a complaint with Poland’s National Prosecutor’s Office. She accuses board members of Columbus Energy - an investor in Saule - and supervisory board members of both Saule companies of actions harmful to the firm’s interests.
Citing serious irregularities, Malinkiewicz has expressed that she can no longer work with current investors and is open to talks with new partners. Columbus Energy, which holds an 18% stake in Saule Technologies, has rejected the allegations.
The company argues that the claims are a distraction from Saule’s financial mismanagement and failure to deliver on its business strategy, despite Columbus investing over 56 million złoty ($14 million) in support.
The conflict has already triggered leadership changes. Two Columbus-linked members of Saule’s supervisory board resigned in recent weeks, suggesting a link between the dispute and corporate reshuffling.
Financially, the company is in serious financial trouble and fears are growing that the company could soon be declared bankrupt and sold.
