MCI Management, the only venture capital fund quoted on the Warsaw stock market, is losing the trust of its shareholders. On Thursday there was very high turnover of its stock as rumours abounded and those pension funds which have put money into it such as CAIB, Dom and Winterthur have reportedly had enough of the behaviour of MD and main shareholder Tomasz Czechowicz.
Czechowicz last year broke a promise and sold stock in the company pushing down the value of the shares, something the pension funds feel especially hard at the end of the year. The pension funds are likely now to cut their losses and run. On 9 February of last year the company hit its record of PLN10.75 per share.
Now it is less than ten percent of this value. On Thursday the stock closed at PLN1.17.