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Two prominent leaders of controversial Expo.01 not in new management team

Two prominent leaders of the board of the controversial Expo.01 national exhibition announced Wednesday they wanted no position in a proposed new management team for the troubled project.

This content was published on September 29, 1999 - 18:16

Two prominent leaders of the board of the controversial Expo.01 national exhibition announced Wednesday they wanted no position in a proposed new management team for the troubled project.

At the same time, organisers called on the government to approve an additional SFr230 million ($153 million) to help make up for a financial shortfall.

The two are politicians Francis Matthey and Elisabeth Zölch.

They announced they would not seek a post in the new full-time and professional management team.

The move came less than a week after a high-profile report by a prominent Swiss businessman called for major changes to the management to save the exhibition.

The report by Nicolas Hayek – the head of the Swatch Group and best known internationally for his Swatch watches – called for a new and professional management team.

Hayek also listed a series of urgent problems that must be addressed immediately.

Among the key problems were:
-- The funds for Expo.01 will run out by October 16. After that date, liquidity will have dried up.

-- There is still a financial shortfall of at least SFr381 million ($254 million).

-- A more professional and more efficient management team must be set up that will, among other things, succeed in winning the confidence of Swiss business and make them live up to their financial pledges.

-- The construction process is moving too slowly as not enough general contractors are working on the project (not least due to financial problems).


From staff and wire reports.

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