Commercial Union loses zl. 1 mln due to rogue investor

The authorities of Commercial Union (CU) pension fund have officially admitted that the company has lost zl. 1 million in a missed investment. It has been discovered that one of the fund experts conducted high risk investments violating company regulations. Gazeta Wyborcza, says according to its sources, the loss may have reached as much as zl. 1 million. This however has not been independently confirmed. On Monday, CU said there had been several irregularities and the expert has been forced out. The firm is considering launching an inquiry and informing the prosecutor's office to clear the matter. The clients will not suffer from the situation as the company has said it will cover the loss with its own money. (Gazeta Wyborcza, page 26) J.K.