KPWiG accuses 4Media directors of fraud

The Securities and Stock Exchange Commission (KPWiG) said it has had enough of 4Media group's authorities foul play and would like to see the fate of t he company's board sealed by the Prosecutor's Office and the court. Accordi ng to the KPWiG, Dariusz Kaszubski, Wojciech Kreft and Jacek Merkel of 4Med ia's board manipulated the company's shares and frauded its capital, which added to losses to over zł. 100 million in two years and put the company na me and its very existence in danger. This is strongly opposed by the direct ors, with Jacek Merkel even calling the whole affair a "witch-hunt". The Se curities Commission pledged it would present a full list of accusations aga inst 4Media on April 22, thus ending its investigation launched December 18, 2002. "Legal prosecution will not lead the company to pay back its debts to investors, workers and creditors," said Michał Stępniewski, advisor to the KPWiG president. (Puls Biznesu, pp 1, 2, 4) J.K.