Główne tezy uzasadnienia wyroku w sprawie roszczeń obligatariuszy GetBack SA

Following the announcement of the court decision of the District Court for Warszawa-Śródmieście in Warsaw, which dismissed the cases against the Polish Financial Supervision Authority (KNF) brought up by three holders of bonds of GetBack SA (EventID 21523), the KNF has published a follow-up statement in this matter. In it, the KNF notes that the District Court has now delivered its reasoning for the judgement which included the following arguments, among others:
– the audit conducted by the Supreme Audit Institution (NIK) in this matter „does not reveal and does not contain statements regarding the nature and scope of an unlawful act, an omission to act that was constituted by a specific legal norm. Thus, the assessments contained in the report of the Supreme Audit Office (Information on the results of the audit) cannot form the basis for findings of an action/inaction“.
– the plaintiffs couldn’t demonstrate the reasons for the liability for damages by the KNF.
– the restructuring of GetBack SA was a direct result of its poor financial situation in which the company failed to redeem the bonds in question. It was not caused by a lack of supervision of the KNF.
– the prospectus of the bonds was rightful in accordance with Article 33 of the Act of 29 July 2005 on Public Offering and Conditions for Introducing Financial Instruments to Organized Trading and on Public Companies. Thus, there were no reasons for denying the prospectus and the subsequent emission.
– one of the plaintiffs purchased the bonds via private placement which is not under the remit of the KNF.
– the KNF is not responsible for market risk which is natural and standard in any investment.
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Please note that the above list only presents the key arguments of the District Court. To view all of them, please refer to the original KNF statement as linked above.