Fund managers charged with insider dealing

It is rumored that funds from PZU, Commercial Union and Pioneer Pekao groups, as well as AIG and BRE Bank's funds, made a secret agreement when they bought the shares, as there was no public call for the shares and KPWiG has not consented to the funds' holding more than 33% of Stomil Sanok's shares. The funds' managements are also accused of revealing professional secrets. The issue here is that investment and pension funds bought large stakes in Stomil Sanok in 2003 at zł.83 and zł.102.5. Soon after, the shares appreciated to reach over zł.150. The alleged wrongdoing came to light as managers participating in the dealings were not careful enough and communicated via e-mails, which now form the basis of evidence against them. Bourse analysts predict that the scandal may touch upon acquisitions of shares of further companies. (Puls Biznesu, pp. 1-4) D.W.