Agora CEO and deputy to face insider trading probe

Share sales in media group Agora by its chief executive and her deputy in December have come under routine scrutiny for possible insider trading, the Securities and Stock Exchange Commission announced yesterday. A commission spokesperson said the watchdog was checking transactions by Agora CEO Wanda Rapaczynski and deputy Piotr Niemczycki, who sold small stakes in the company before it released market-moving information. "We are carrying out an initial analysis of whether insider trading could be involved," said Michal Stepniewski, confirming a front-page report by business daily Parkiet. Rapaczynski and Niemczycki sold stakes worth zl. 738,000 and zl. 373,600 respectively between December 9 and 17, nearly three weeks before Rapaczynski forecast weak results in 2003, pushing Agora shares down. Agora shares fell 2.78% to zl. 45.50 in yesterday's trading. (Reuters) A.C.