PZU sinks zl.2 billion in Skarbiec-Kasa investment fund
PZU's supervisory board has allegedly invested zl.2 billion, or one-fourth
of its premiums, into Skarbiec-Kasa 2, an investment fund managed by TFI
Skarbiec. Although Poland's largest insurer received approval from the
State Insurance Supervisory Office (PUNU) to go ahead with the
transaction, according to PUNU head Danuta Walcerz, PZU was allowed to
invest no more that zl.1.45 billion. Allegedly zl.1 billion was
transferred to BIG BG and zl.280 million to Rabobank, while the rest of
the funds went to Citibank, Commerzbank, ING and BRE. The news follows the
Finance Ministry's unsuccessful attempt to oust PZU's supervisory board
chair, Jerzy Zdrzalka. Skarbiec-Kasa invests primarily in bank deposits
and short-term securities issued by commercial companies. (Prawo i
Gospodarka, p.9)
