Nałożenie kar pieniężnych na Zakłady Mięsne Henryk Kania SA w upadłości

The Polish Financial Supervision Authority (KNF) has published a press release to inform that it has fined Zakłady Mięsne Henryk Kania SA for breaching Article 56 of the Act on Public Offerings, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies (Act on Public Offerings). Specifically, the company was fined for various breaches of this article because of its failure to present consolidated financial statements in the years 2015, 2016, and 2017. The fines were set at PLN 50,000, PLN 710,000, and PLN 710,000, respectively.
The lack of consolidated financial statements at group level kept relevant information from investors when reviewing individual financial statements of subsidiary firms or related firms within the group. As the company went into bankruptcy in 2020, the fines were much lower than the possible maximum fines that may be imposed for such violations.