PIR will be split in two entities - Wprost

Polish Investments (PIR), a state-owned investment fund, will be divided into two separate entities: currently referred to as PIR Management and PIR Kapitał, according to sources quoted by weekly Wprost. The reason for the split are issues with the fund’s image, which has suffered after the release of tapes where former Interior Minister Bartłomiej Sienkiewicz made derogatory remarks about the purpose and effectiveness of PIR. “PIR as a ‘pile of stones’ will come back at every opportunity and during the election campaign. This is a spell that cannot be lifted,” Wprost’s source said. According to the weekly, the Financial Supervision Authority has already approved the split. PIR Kapitał will take over all of PIR’s assets, which currently stand at PLN 1.2 billion. PIR Management will manage the assets upon signing a relevant agreement. Both entities will likely be rebranded.