Winterthur fined with PLN 500,000 after „PB” investigation

APA - Austria Presse Agentur
opublikowano: 21-12-2006, 10:33

Warsaw (Puls Biznesu) – Supervision authorities fined the pension fund whose controversial practice was described by “Puls Biznesu” a year ago.

Warsaw (Puls Biznesu) – Supervision authorities fined the pension fund whose controversial practice was described by “Puls Biznesu” a year ago. 

Another pension fund has been fined for activities described by “PB”. The Financial Supervision Commission (KNF) decided that Wihterthur pension fund would pay the maximal amount of money, or PLN 500,000 (EUR 131,095). The reason: “the company failed to be cautious and careful enough in its investment operations and violated the rule of maximum safety and profitability”. Before, the following funds were punished after “PB” articles: PZU, Commercial Union and AIG.  

The name of the company whose stock was acquired by Winterthur was not published. It is bankrupt Legiz, however. The company used to raise turkeys. It acquired a fuel company. Lech Gizelbach, Legiz CEO, said in an interview for „PB” that fund managers told him to buy the fuel company. In exchange, they promised to invest in Legiz. The managers told Gizelbach that they would make a billionaire out of him if he shared his shares with them.

“I refused and they made my companies go bankrupt”, he said.

Fund managers denied. They could not explain, however, why they invested in an indebted company whose structure was not clear. Winterthur lost over PLN 8m because of investment in Legiz. The fund did not manage to get back the money because the investment was not hedged properly.

(PLN 1 = EUR 0.262)

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Podpis: APA - Austria Presse Agentur

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