Two former bank presidents ordered to pay zl.500,000
A court in Katowice yesterday ordered two former presidents of Bank Slaski
to pay a combined zl.500,000 in damages for their lack of vigilance during
the bank's privatization. The court's decision relates to the launch of the
bank on the Warsaw Stock Exchange (WSE) in 1994. On the first day of
trading, its shares shot up to 13.5 times their issue price. However, only a
handful of shareholders were able to benefit, since before the first session
of trading the brokerage house representing Bank Slaski had approved only 4%
of the national investment fund certificates applied for by investors, which
they needed in order to buy shares. A writ against one of the presidents,
Marian Rajczyk, was filed with the court by a shareholder in 1995. The
lawyer representing Brunon Bartkiewicz, the other former bank president,
says that his client will appeal against the decision of the court. In an
interview with Gazeta Wyborcza, Rajczyk also said he would appeal. (Gazeta
Wyborcza, p. 1) P.W.
