14:20 27 September 2025
Polenergia Flags Suspicious Investor Activity
Polenergia, Poland’s largest private energy group controlled by billionaire Dominika Kulczyk, has raised an alarm over a new shareholder’s actions and notified regulators and security services. The company disclosed that FORUM 123 FIZ, a closed-end investment fund registered in Kraków in August 2025, acquired 25,951 shares (0.0336 percent of total equity) on September 8. Only three days later, the fund requested extensive historical and corporate information, which management described as unusually detailed and speculative.
Polenergia said the scope and nature of the questions suggest motives beyond standard shareholder rights, possibly aiming to undermine corporate governance and destabilize the company’s market position. “The actions of Forum can be read not as legitimate requests for information, but as attempts to exert pressure, create uncertainty, or manipulate the share price,” the company stated.
While Polenergia pledged to answer the questions for transparency, it stressed it would not tolerate actions against its interests. The firm confirmed the case has been reported to Poland’s Financial Supervision Authority and other relevant bodies.
Polenergia, together with Norway’s Equinor, is currently developing offshore wind farms Bałtyk 2 and Bałtyk 3, strategic projects worth over 27 billion złoty and central to Poland’s energy transition.
