Nałożenie kar pieniężnych na Ursus SA w upadłości

On April 18, 2023, the Polish Financial Supervision Authority (KNF) published a press statement to inform that it has fined Ursus SA (in bankruptcy), a manufacturer of agricultural machinery, for several violations of Article 17 of the Market Abuse Regulation (MAR). Specifically, the company was fined in total PLN 1,950,000 for:
– failing to disclose to the public information about an application for the initiation of restructuring proceedings in September 2018;
– failing to disclose in the company report its intention to sell Ursus Bus SA shares in November 2018;
– failing to disclose in the preliminary financial results of 2018 impairment losses of the company which had substantial effects on the company’s financial performance;
– failing to disclose to the public certain information about lease terminations in May 2019;
– failing to disclose to the public certain information about a „creditor’s application for discontinuation of the accelerated arrangement proceedings“ in June 2019;
– failing to disclose to the public information about an application for the initiation of restructuring proceedings as regards its subsidiary Ursus Dystrybucja sp. in April 2019; and
– failing to disclose to the public information about its intention to let Enerkon Solar International Inc. invest in the company in August 2019.
According to KNF, these are gross violations of the Market Abuse Regulation and resulted in significant information being withheld to investors to adequately assess the financial and operating position of the company,