KNF said in a statement released on Thursday that 12 May 2015. The Commission shall maintain in force the earlier decision of January 2014. Concerning the imposition of Ryszard Krauze penalty in the amount of 400 thousand. zł for violation of the information obligation specified in the Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies.
KNF explained that Krauze has not informed the Commission and the company Petrolinvest from Gdynia law within the required deadline to amend the intention of further increasing along with Prokom Investments and Development company Wilanowskie share in the total number of votes in Petrolinveście. The Commission stated that its decision is final (KNF office has received confirmation of its delivery), so it became possible to disclose to the public information about the punishment.
According to the KNF disclose to the public information about punishes “the function of shaping legal awareness of capital market participants.” “This information reflects the degree of reprehensible behavior of parties to proceedings in respect of breaches of operating in the capital market by violating the provisions of the Act on Public Offering” – emphasized in a press release.
KNF announced that on 28 December 2011. Appeared in the current report, which was included Ryszard Krauze’s statement of its intention to increase along with Prokom Investments and Osiedle Wilanowskie stake in Petrolinvest to at least 25 percent . of the share capital and votes in the period from 28 December 2011. until 28 December 2012.
“During this period, the present intention has not been realized. Therefore Ryszard Krauze should upgrade the declared intention and inform the Commission and the Company (Petrolinvest) amending declared on 28 December 2011. intention no later than within 3 working days from the occurrence of the change. However, Ryszard Krauze has failed to fulfill its obligations under Article informative. 69 paragraph. 5 of the Act on Public Offering “- justifies the KNF.
According to the regulator Krauze, without notifying the Financial Supervision Authority and the company’s commitment to change the intention of the Company’s shareholding, violated Art. 69 paragraph. 5 of the Act on Public Offering and contributed to the infringement of the principle of transparency of the capital market, which is the cornerstone of its operation.
“Submission by Ryszard Krauze declaration of the intention to increase the current share of the total number of votes by at least 15 per cent. Of the total number of votes in the company constituted an essential information for the market, which could be taken into account when making investment decisions and the same could influence the volume of trading and price of shares of the Company “- explains the KNF.
According to the Commission’s infringement is contrary to the purpose of Art. 69 of the Act on Public Offering, which aims to provide equal access to information relating to the shareholding public company. The Commission stressed that the entire capital market infrastructure should serve the realization of this principle by providing market participants with a true, fair and complete information about investors held large blocks of shares.
“Proper and timely inform the shareholders about the change of their involvement and the plans it has to alter this commitment in a given public company is of particular importance for other market participants, because can have a significant impact on their investment decisions,” – wrote KNF. The Commission considers that the lack of transparency in informing the market about the change of shares held by individual shareholders leads to harmful disinformation market and undermines confidence in the capital market.
PAP, jk
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