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The association, whose role is to integrate the entire financial community in Poland, has lost 90%. members. The reason? By a resolution of the Board of Directors on the last day of October, the Association of Dealers and Advisers (ZMiD) has removed more than 1,500 people from the list. The president of ZMiD explains that the certified specialists were removed from the union because they did not pay the dues. It is possible, however, that there is a second basis for this decision. The Business Insider Polska obtained documents revealing serious irregularities committed by the management of ZMiD – Paweł and Piotr Cymcyków.
On November 26, the Brokers and Advisors Congress was held, during which members of the Association decided to extend ZMiD's board of directors for the next two years. However, not all guests were allowed to enter the conference room. Some people were removed from the list of Union members, which prevented them from voting. About 40 people have decided on the future of ZMiD. During deliberations held until 22:00, Paweł and Piotr Cymcyków were again elected to the union's board of directors. Although the committee of brokers and advisers have strongly opposed this decision.
An image of a valve
ZMiD has been operational since 1991, therefore since the beginning of the existence of the capital market in Poland. More recently, more than 1,500 people, the Association was the representative body of an association of specialists licensed by a securities dealer and an investment advisor. The association was a recognized institution in the market, which on the banners carried the mission of educating society, but most importantly the integration of the financial environment.
Today, when the Union only belongs to a little more than 150 people out of 4,000 approved specialists in Poland, it is difficult to talk about him representative function. A serious shadow on the image of ZMiD includes the events of the last months.
On November 14, 2018, the Board of Brokers and Advisers – which is an advisory body for ZMiD – resigned. It was a gesture of opposition to the Council's decision to remove 1,500 people from the Union. In the circular resolution, the Board reports serious irregularities committed by ZIMiD management. And this suggests that the removal of 90%. people from the list of members it could have been intended to prevent some of them from voting for the extension of the board's mandate at the next meeting of brokers and advisors.
– Given the very serious irregularities that have recently emerged in the management activity, confirmed by the audit committee, another action can not be accepted. it is difficult to credibly validate the good of the association – we read in the order of the Board of brokers and advisors dated November 14, 2018. Six people have signed it. The Council writes:
– The decision has resulted in the dismissal of the association of people who know the facts of the irregularities. Despite the compensation for the damage – as a result of the intervention of the Board and the audit committee – by two members of the board of directors who committed it, it is therefore difficult for the board to submit a reliable evaluation at the next convention. Brokers and advisors and confirmation of the term of office of the Chairman of the Executive Board and its members to continue to perform this function – we read in the resolution.
Board members did not want to disclose the details of these irregularities, citing confidentiality clauses. We asked Paweł Cymcyk, president of ZMiD. – I have nothing to say because I consider the subject closed because all the questionable questions in this area have been discussed, explained and completed internally. I conducted an independent audit of the entire situation, which resulted in the closing of the case with the consent of all interested parties. We are now looking to the future and planning other activities. I will add that For the first time in ten years, the union should have a positive financial result in 2018, which is the result of hard work for several months – said Paweł Cymcyk.
ZMiD and Zmid, or private farm of Cymcyków
According to the information we obtained from the market participants, it appears that the question of these irregularities may relate to the activities of the company … Zmid Sp. Z o. o., whose seat is exactly at the same address as the trade union of brokers, whose founders are … president and vice-president of the union, namely the brothers Paweł and Piotr Cymcykowie.
Zmid Sp. Z o.o. was established in October 2016 and, according to data from the National Register of Courts, it provides "financial services activities, excluding insurance and pension funds". business she prepared the so-called business analysis published on the webpage … Union. They were educational, but partly commissioned and paid for by the companies analyzed.
One of these analyzes was about GetBack. On the official website of the Association, a review of the prospects of this collector appeared. The author of the analysis even tried to set a target price Share GetBack, which he estimated at PLN 30.2.
Today, it turns out that the members of the Union had no idea of the business activity of its board of directors – Paweł and Piotr Cymcyków. They did not know that the private company of ZMiD's president and vice-president had the name (Zmid Sp. O.o.) identical to the abbreviation of the Association, and that he uses the image of the Union, his logotype, his premises, his Internet domain and other property rights for his operations.
– The analyzes were partly paid analyzes and they could expose the Association to a significant reputational riskor the remuneration for these analyzes was not invoiced by the association, but by one of the members of the board of directors – we read in the report on the activities of the council of brokers and advisers for the period from June 2017 to November 2018, reached the Business Insider.
In other words: Paweł Cymcyk wrote analyzes, sometimes on behalf of the companies, he was taking money for that in his private pocket and the analysis itself was promoting the ZMiD logo and published on the website of the Union.
In addition, our information shows that Zmid Sp. Z o.o. – without the consent and knowledge of the Association – took over the rights to the logo and the Internet domain Związek (zmid.org.pl), as well as the database of personal subscribers to the newsletter. Cymcykowie also had irregularities in the settlement of your company's activities: the profits went to your account their private business and the costs he incurred … Association.
After the detection of these irregularities, the Committee of Dealers and Advisers informed the Audit Committee.
– Regarding the irregularities found, it was also checked whether the rights of the Association on real estate, ie the premises located at ul. Siena, which is the most important asset of the Association. The Council is careful amend the bylaws of the Association adopted in 2017 that allow the sale or the constitution of pledges of real estate rights without the consent of the Congress of brokers and advisers – we read in the report on the activities of the Council.
satisfaction
In cooperation with an external law firm, an in-depth audit was conducted. He revealed the nature of the conflict of interest and assessed the injury suffered by the Union. The law firm was informed of violations of domestic laws and regulations, a also on the potential criminal and civil liability of the Cymcy brothers.
Paweł Cymcyk, in a conversation with Business Inside, ensures that he corrects all the damage and considers that the subject is closed. Our information indicates that indeed, Zmid Sp. Z o.o. She asked the Association her rights on the website and logo. Cymcykas, in turn, changed the name of their company to DNA Rynków Sp. Z o.o., so that he does not associate with the Union. The brothers also stopped publishing business reviews on the website, and previously published documents have been removed.
The topic could be considered closed, if only if October 31, ZMiD's board of directors had decided to remove more than 90% Union members. The Board of Dealers and Advisors, in the minutes of the November 14 circular, write that this is probably measures to prevent persons knowing the details of the irregularities from voting on the extension of the mandate to the brothers Pawel and Piotr Cymcykom.
Paweł Cymcyk argues that the decision to remove these people was caused by their inability to regulate their contributions.
– All persons wishing to become members are invited to submit statements. those who have paid the contributions, have been accepted and are counting on a fruitful cooperation with them – says Paweł Cymcyk.
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