Nałożenie kary pieniężnej na URSUS SA w upadłości

The Polish Financial Supervision Authority (KNF) has published a press release to inform that it has fined URSUS SA (in bankruptcy) 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 numerous breaches of this article because of its failure to present adequate and complete (consolidated) financial statements and reports in the years 2017, 2018, and 2019. The fines were set at PLN 2,000,000.
As the KNF explains, the company failed to present reliable, adequate information about its financial condition and economic outlook on numerous occasions between 2017 and 2019, making it impossible for investors to make informed decisions as to their investments in the company. In eight cases, so the regulator, the violations were gross violations which is why the fine was set so high. The violations included – among others:
– the failure to present an adequate risk assessment of the firm;
– the failure to adequately present the liquidity situation of the firm, thereby obscuring outstanding liabilities; and
– the failure to disclose troubles making loan payments.
Further details on the violations are presented in the press statement.