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MESSAGE (ENGLISH VERSION) | |
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President of the board of Cash Flow SA
informs that, on the 15th January 2009, he submitted to the Regional
Prosecution office in Dabrowa Gornicze as well as to the Financial
Supervision Commission a notification of suspicion of breaching the law
by Mr. Grzegorz Gniady, Vice President of the Board of Cash Flow SA, in
accordance with article 180 of the act on the trading of financial
instruments based upon the disclosure of confidential information in
breach of art 156 paragraph 2 point 1 from the act on trading of
financial instruments. According to article 180 of the afore mentioned
act, such a breach carries a maximum penalty up to 2 million zloty or
prison sentence up to 3 years or both.The company points
out that the nature of the claimed breach of article 180 from the law
governing the trading of financial instruments leads to the possiblity
of the situation in which certain shareholders may have had preferential
access to information allowing them to make investment decisions.The
notification to the prosecutor was made based upon the analysis of
coincidence of dates of the following events:a) completion of
the transaction to sell shares of cash Flow SA on the 15th and 17th of
November by Lune Capital Limited resident in Nikozji, an entity
controlled by Mr. Grzegorz Gniady. The current report published by Cash
Flow SA on the 15th of December 2008 contained the following grounds for
selling the shares: "the sale of shares made by the shareholder linked
to the Board Member in question resulted from, in his opinion, the
increase in risk associated with the Company's activities during a
period of financial and economic crisis and, in particular, the risk
associated with individual investments made in the financing of
liabilities and the likelihood of recovering capital from these
investments."b)the company published information in its
current report dated 18 December 2008 number 59/2008 about the worsening
state of legal proceedings with respect to PZNTK, a major creditor of
Cash Flow SA.c) Mr Grzegorz Gniady, as the Member of the Board
of Cash Flow SA responsible for managing the project of finansing PZNTK
had access to confidential information which he may have passed on to
Lune Capital, an entity controlled by Gregorz Gniady.Irrespective
of the above notification to the above prosecutor's office, Cash Flow SA
submitted a further notification of suspicion of breach of law by Mr.
Grzegorz Gniady, Vice President of the Board of Cash Flow SA, to the
Regional Prosecutor's office in Dabrowa Gornicze relating to a breach of
article 183 paragraph 1 from the act of 29th July 2005 governing the
trade of financial instruments regarding manipulation of financial
instruments. Such an act carries a maximum fine of 5 million zloties and
up to 5 years prison sentence or both.Separately, Cash Flow SA
submitted to the regional prosecutors' office in Dabrowa Gornicze a 3rd
notification of breach of law by mr. Grzegorz Gniady vice chairman of
the bboard of Cash Flow SA, by Mr. Ryszard Gniady - Vice Chairman of the
Supervisory Board of Cash Flow SA and by Mr. Witold Baranski - member of
the Supervisory Board of Cash Flow SA. This breach concerns article 585
paragraph 1 from the Commercial Companies Code (ie acting against the
interest of the company).The President of the Board, Mr. igor
Kazimierski, announces that the Vice president of the Board, Mr.
Grzegorz Gniady, refused to sign this current report at the same time
neglecting his repsonsibility as a Board member resulting from the Act
of July 29th 2005 governing public offers as well as from the decree by
the Ministry of Finance from 19th october 2005 governing the publishing
of current and periodic reports by the issuers of securities.
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