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Poland’s Chief financial market regulator has launched an investigation into Energa statement from Poland’s SA authorities are investigating accusations potential insider trading of plans to of irregularities in statement Thursday evening of ownership according to the. The Financial Authority launched an investigation
Poland’s financial regulator has launched an investigation into potential insider trading related to a planned increase in Orlen SA’s stake in Energa SA, according to a statement released Thursday evening by the Urząd KNF, the administrative and technical arm of the Polish Financial Supervision Authority.
The investigation was prompted by Orlen’s announcement of plans to increase its ownership in Energa to 100%, including a proposed invitation to shareholders to sell their shares. The UKNF stated on Thursday morning that it is “conducting explanatory proceedings covering all aspects of this matter” to ensure a “full and reliable analysis of all the circumstances” and to publish its findings “as soon as possible.”
Orlen has emphasized that the invitation does not constitute a public tender offer under Polish law and intends to purchase shares either in block trades on the regulated market or off-market. The company has allocated 709.1 million złoty (approximately $177 million USD) for the acquisition.
Concerns about the timing of the share price increase have been raised by analysts and investors. Konrad Ryczko noted on Wednesday that a significant jump in Energa’s stock price on November 10th appeared to precede any official announcement, calling the situation a “breaking scandal.” He added, “If we are playing by ‘new standards,’ I believe this is a matter that should be examined and the facts established,” and tagged Poland’s Minister of Finance, the CEO of the Warsaw Stock Exchange, and the KNF in his post.
The Polish Individual Investors Association also expressed skepticism, pointing to a 15.37% increase in Energa’s share price on November 10th, accompanied by higher trading volumes. The gains continued the following day, with the price reaching 18.88 złoty, nearly matching the price offered by Orlen in its subsequent invitation to sell shares. “There is therefore a serious suspicion of the use of confidential information,” the association stated.
Source: KNF, X, money.pl, PAP
