Prosecutors set to begin investigation into Stomil Sanok share purchase

The accusation regards an informal agreement between investors, which could have led to manipulations in shares standing or pre-negotiated transactions. The main thrust of the investigation will focus on the transaction of Stomil Sanok shares in mid-June 2003, when pension and investment funds purchased a considerable stake in the company from Enterprise Investors in two tranches: one at zł.83 per share and the other at zł.102.50 per share. The purchase drew attention because it triggered a hike in the share price from a previously stable level of zł.40 to over zł.100. The sale was coordinated by one of the managers of PZU's funds. Parties involved in the transaction included Commercial Union, AIG, Pioneer PKO Investments and BRE Bank. (Puls Biznesu pp. 1,6) M.G.