GetBack bondholders want to meet new KNF manager

Jacek Jastrzębski, President of the Polish Financial Supervisory Authority

– The case also relies on the help of the Commission to recover the money of the creditors – said the representatives of the association during Thursday's picket at the office of the KNF.

The GetBack Injured Bond Association organized a picket on Thursday for the headquarters of the Financial Supervisory Commission, which was attended by dozens of people. They notably kept the banners "KNF guilty of omissions in the case GetBack" or "Protection sufficient L. Czarnecki".

As the president of the Artiom Bujan Association told reporters, the obligated creditors of GetBack demanded a meeting with the new chairman of the Polish finance supervisory authority, Jacek Jastrzębski.

– We are also asking for real help from the Polish financial supervisory authority to recover our funds from all intermediaries – from Idea Bank, Polish brokerage firm, other bidders – said Bujan.

– We need clear signals for the market and for everyone involved in this process – added Mariusz Wójcik from GetBack's creditors' council.

Protest of victims of Idea Bank / GetBack against the office of the Polish Financial Supervisory Authority / PAP

As Bujan said, bondholders are also waiting for answers to the question of whether the "Polish Financial Supervision Commission of the years 2016-2018 was excluded and did not supervise banks that offered bonds GetBack "and" how possible it is that such a loss will occur – 2, 3 billion zlotys – the eighth month of the scandal is over and where is the money. "

The head of the association also recalled that Prime Minister Mateusz Morawiecki asked in July 2018 the Supreme Chamber of Control to control, inter alia: KNF in the context of the case GetBack. He also recalled the postulates of the association contained in the letter to the Prime Minister of 22 November.

UKNF issued a statement Thursday morning in which he stressed that the Polish financial supervisory authority acted only within the limits and within the limits of the law.

At the same time, it was pointed out that some of the postulates repeatedly made by representatives of the GetBack Poisoned Bondholders Association were addressed to the PFSA Bureau and appeared in the letter of 22 November this year. to the Prime Minister "forces the supervisory body to take measures in violation of the law".

"The information on the legal measures taken by the PFSA with regard to GetBack SA and Idea Bank SA has been made public on the KNF website (…) Due to the strict rules in professional secrecy, all surveillance activities can not be made public, which the KNF office has repeatedly reported "- was written.

It was assured that the PFSA office exercised "in the case in question intensive surveillance activities aimed at determining all circumstances related to the process of offering GetBack SA bonds by supervised entities".

As of November 22 this year letter sent by the Association of Injured Bondholders of GetBack SA It has been proposed to Prime Minister Morawiecki and the Chancellery of the Prime Minister to implement the 11-point plan "aimed at stabilizing the financial sector in Poland, particularly in the context of extensive assistance to the victims of Idea Bank SA and GetBack SA ".

The plan included, among other things, an assumption of immediate public disclosure of the report's content as a basis for KNF's decision to include Idea Bank in the list of public warnings and a report on the GetBack control.

"If the KNF does not publish the report immediately in a verbal version, the KNF will prove once again that it can act to the detriment of society," reads the letter. The association also asks why the PFSA "has not taken any steps to inform individual PDM / IDEA / GetBack victims of problems related to GetBack".

The Association also asks "to conduct a detailed audit within the KNF structures and streamline the work of this institution", "to introduce a full disclosure of the KNF's finances" and to dismiss employees violating the code of ethics.

In addition, postulates include: "the introduction of an open benefits registry for all PFSA and NBP employees, as well as for family members and partners", including supervised entities; transfer of banking supervision to BNP; introduction of a ban on passing into institutions and supervised companies of former employees of the KNF and the National Bank of Poland.

GetBack Company deals with receivables management. Founded in 2012, its shares debuted on the Warsaw Stock Exchange in July 2017 as part of its IPO.

In April, the WSE suspended the trading of GetBack shares at the request of KNF. This happened after the morning of April 16, the company announced that it is negotiating with PKO BP and the Polish Development Fund a mixed financing of loans and investments of one. maximum amount of 250 million zlotys. The announcement of the company showed that the information had been agreed "with all parties involved" in the meantime. PKO BP and PFR denied the information that they were conducting such discussions. This triggered KNF's reaction. As a result, GetBack's supervisory board immediately reminded Konrad K. of the position of chairman of the company.

Konrad K. was arrested. He was accused of committing eight crimes, including attempted fraud worth PLN 250 million, causing significant damage to the company – at least 185 million zlotys, and aimed at obstruct criminal prosecution and avoid criminal liability.

GetBack bondholders attempt to recover all funds invested in bonds, but not GetBack, only from the banks offered by these instruments. He understands about Idea Bank. In November of this year. this bank has been included in the public warnings list of the PFSA regarding unlicensed brokerage activities in connection with the offering of financial instruments.

UOKiK accuses the bank that its representatives have provided their customers with false information, for example that GetBack bonds will give them a guaranteed profit or that access to these obligations is limited. In addition, people who knew they did not accept risky investments persuaded them to buy the bonds.

The association estimates that at the national level, the losses suffered by the physical-person-obligation holders harmed in the GetBack scandal could reach more than 2 billion zlotys.