Former Orlen CEO to face insider-dealing charges
Former CEO of PKN Orlen oil group Andrzej Modrzejewski may soon face court proceedings charged with unauthorized disclosure of confidential information. The charges stem from reports by former PZU chairman Grzegorz Wieczerzak, now in custody over financial improprieties, that Modrzejewski gave stock tips about the planned takeover bid for publicly-traded Izolacja Zduńska Wola by Icopal of Denmark. At the time, Modrzejewski served as the head of Izolacja's main shareholder, privatization fund 9 NFI. The Warsaw District Prosecutor said he was also considering charging Modrzejewski and eleven other white-collars in connection with controversial investments in two companies - Majewski S.A. and Eco Drewno - which went bankrupt in 2001 causing the NFI an zł. 11.6 million loss. Modrzejewski, however, has denied any wrongdoing saying, "not every investment is a success". (Parkiet, p.1) J.K.
