Saturday , April 17 2021

PFSA's Office: Some of the GetBack's claimants are obliged by CNF to act unlawfully



Headquarters of the KNF office in Warsaw. Fig. Piotr Molecki

Headquarters of the KNF office in Warsaw. Fig. Piotr Molecki / Agencja SE / East News

According to the PFSA, the allegations of the association against the KNF are unjustified.

On Thursday, the CNF emphasizes that Polish financial supervision operates on the basis of and within the limits of the legal provisions. He pointed out that some BackBack Victims association, which has been formulated several times by authorities, forces the supervisory body to take actions that violate the law – estimates the KNF Office. postulates addressed to the PFSA Office and those contained in the letter from November 22 this year. Prime Minister Mateusz Morawiecki, "forces the supervisory body to take measures in contravention of the law".

"Information on the legal measures that KNF has undertaken against GetBack and Idea Bank has been published on the KNF website (…) due to strict professional secrecy rules and not all supervisory actions taken can be disclosed, the KNF has repeatedly notified" he wrote.

It is ensured that the PFSA Office conducts "intensive supervisory activities in the subject in order to determine all circumstances surrounding the process of providing the bonds of GetBack SA by supervised entities".

In a statement, the PFSA office notes that it understands the difficult situation of taxpayers and their concerns, but "the public stigmatization of the PFSA Association representative, including its special departments (…) and individual bodies, does not contribute to the objective of explaining this issue" .

According to the KNF, many public statements by the association's representatives, including his president Artie Bujan, "are about to formulate in the media unjustified accusations against PFSA employees." "The formulated allegations and transmitted infidelity information pertaining to KNF office activities will introduce broad public opinion or bonds," he said.

On November 22 this year, a letter sent by the Association of Damaged Payees to GetBack Prime Minister Morawiecki and Prime Minister's Office proposed the implementation of the 11-point plan "for stabilizing the financial sector in Poland, especially in terms of significant assistance to Idea Bank and GetBack victims"

The plan includes, among other things, the postulate of immediate public release of the content of the report, which is the basis for the KNF to make a decision on incorporating Idea Bank into a public security letter and a report on GetBack control.

"If the KNF does not immediately release the report in a verbal version, the KNF will once again prove that it can act to the detriment of the society" – we read in the letter. The Association asks explanations as to why the PFSA "will not take any steps to inform PDM / IDEA / GetBack victims of GetBack issues".

The association also calls for "detailed audit within the KNF structure and simplification of the work of this institution" and "introducing financial openness of the PFSA" and for the dismissal of employees who violate the code of ethics.

In addition, postulates include: "The introduction of a clear register of benefits to all PFSA and NBP employees and their family members and partners" have received, inter alia, from supervisory entities; transfer of supervision over banks to NBP; the introduction of a ban on moving to work in supervised institutions and companies for former employees of Polish Financial Supervision and the National Bank of Poland.

GetBack deals with managing receivables. It was founded in 2012, and in July 2017 shares began to appear on Papie Wartociowych in Warsaw as part of the initial public offering.

In April, WSE, at KNF's request, suspended shares in GetBack. This happened after the company announced on April 16 to negotiate with PKO BP and the Polish Development Fund for financing mixed lending and investments up to 250 million PLN. The statement of the company showed that the information was agreed "with all parties involved" in the meantime, PKO BP and PFR discard the information to conduct such conversations. This triggers the KNF reaction. As a result, the supervisory board of GetBack dismissed Konrad K with immediate effect from the position of the president of the company.

Konrad K. was arrested. He is charged with committing crimes, including attempted fraud of PLN 250 million, repairing property damage in large quantities – at least PLN 185 million and taking action to prevent criminal proceedings and avoid criminal responsibility.

GetBack lenders try to recover all the funds invested in the bonds, but not the GetBack, just from the banks that offer these instruments. This includes Idea Bank. In November of this year. this bank is included in the list of public KNFs with regard to performing brokerage activities without the license in the area of ​​providing financial instruments.

UOKiK accuses the bank of having its representatives provided false information to users, eg about the fact that GetBack bonds will give them a guaranteed income or that access to these bonds is limited. In addition, people who were supposed to know that they did not accept risky investments were assuring the purchase of bonds.

The association estimates that the losses of countries with losses incurred by taxpayers – natural persons injured in GetBack affiliates amount to over PLN 2 billion.


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