Alleged PKN Orlen share price manipulation to be examined by prosecutor

On May 15, the Polish Press Agency (PAP), allegedly at the request of Orlen, announced that Nafta Polska had annulled the tender for the sale of 75% of Rafineria Gdańska (RG), in which Orlen took part, although such a decision could only be made by the Treasury Minister. PAP also announced that 51% of the shares of RG would be offered on the stock exchange, while 35% would be sold to the Russian firm Lukoil. The announcement resulted in panic selling of Orlen's shares and a 3% drop in price in just a few minutes. An hour after the announcement, PAP amended the information. During that time, 1.3 million shares changed ownership, in transactions valued at up to millions of złotys. Analysts claim that investors who sold their stakes during that period can demand compensation. (Parkiet, p. 1) A.K.