KPMG questions Ghelamco’s ability to continue operations
Following an auditor’s warning about Ghelamco Invest’s ability to continue operations, investors panicked, triggering a sharp drop in the company’s bond prices—some falling to as low as 76% of face value. Despite repeated inquiries, Ghelamco’s management has offered only vague reassurances, highlighting efforts to reduce debt and boost liquidity.
KPMG’s concerns stem from the company's significant liquidity gap and declining cash reserves—from PLN 64.1 million at the end of 2024 to just PLN 1.5 million by April 30, 2025. While short-term liabilities exceed current assets, the company plans further asset sales and bond issues to stabilize. Analysts emphasize this panic hasn’t spread to the broader bond market, and see no signs of misconduct—just a firm under pressure to adapt quickly.
(pb.pl)
