KNF fines UniCredit analyst for rogue GL valuation
The Financial Supervision Authority (KNF) might impose the highest possible fine of zł.1 million on the analyst of UniCredit for issuing a very damming report on oil company Grupa Lotos (GL), which declared that its shares were worthless. "This was not an attempt of a hostile take over of Lotos. The recommendation could be rather regarded as an unfortunate declaration of the analyst," said Deputy Treasury Minister Krzysztof Żuk.
The main reason for the highly negative recommendation was Lotos' debts due to its investments. However, such investments are normal for oil companies and according to GL president Paweł Olechnowicz, the returns on investments will be apparent in Q4 2009.
Source: Rzeczpospolita, Parkiet (M.M.)
The main reason for the highly negative recommendation was Lotos' debts due to its investments. However, such investments are normal for oil companies and according to GL president Paweł Olechnowicz, the returns on investments will be apparent in Q4 2009.
Source: Rzeczpospolita, Parkiet (M.M.)
