Gant shrouded in controversy

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Financial Supervision Authority is examining the controversy around developer Gant, which has published a number of contradictory statements this week, causing major fluctuations in the company’s stock price.

On Monday the troubled firm published a statement saying that a restructuring agreement had been reached with an investor and that the investor could make a financial injection into the company. The news caused the firm’s stock price to soar by over 40 percent. On the same day, the court decided that the company will be liquidated, and remitted the liquidation proceedings due to insufficient cash reserves in the company. On Tuesday the firm’s stock price fell by 24 percent.

Another controversial matter was the dismissal of the company’s vice president Ireneusz Radczyński, also announced on Monday. Shortly after the information about Radczyński’s termination had been published, another statement was issued, saying that the dismissal was invalid. On Tuesday Gant said it had officially dismissed Radczyński, who “refused to confirm the receipt of the termination notice and left the company’s office,” the firm stated.

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