SC gives examples of as many as 13 issue prospectuses of, among others, Hyperion, Bankier, NTT System, Arteria or Monnari Trade. All these companies failed to inform about contracts signed with connected firms, including IDMSA and its subsidiaries. Meanwhile, it was the lack of such information that KNF did not agree for Sovereign Capital’s debut.
“We have never said that these companies, or IDMSA, made any mistakes. On the contrary, we believed that they did not need to reveal these transactions. But in case of my company, KNF changed its requirements while the law should be the same to all issuers”, Robert Jedrzejowski, SC CEO believed.
“We have received the list from SC. This signal is being analyzed by KNF. We will take due measures if necessary”, Lukasz Dajnowicz, KNF spokesman said.
The conflict started in August 2006 when SC, as
advisor to creditors of Mostostal Zabrze construction company, started conflict
with Mostostal whose advisor was IDMSA. In November 2006, SC said that Adam
Konopka, Mostostal member of the board and member of IDMSA supervisory board was
threatening its representatives. Konopka denied. Also in November 2006, SC told
Stanislaw Kluza, KNF head about the threats and the fact that Konopka said he
had influential friends in financial institutions. In December 2006, KNF asked
SC to explain, not on the threats however, but about the transaction SC had
made. In June 2007, SC submitted its issue prospectus. The issue was successful.
SC was supposed to be listed on the WSE in December. The debut was suspended,
however. KNF launched investigation against SC. In November 2007, SC filed a
suit against KNF. It demanded explanations and asked whether the commission’s
officials were connected or paid by IDMSA.