Thursday, September 24, 2009

Record fine for PKM Duda CEO for misleading investors

Maciej Duda, president of meat processing company PKM Duda, will has been fined zl.200,000 for misinforming investors in relation to denying speculation of having invested in currency options.

At the end of last year he stated that the firm was not involved in toxic options, while two months later it turned out that the negative valuation of the options stood at zl.29 million. The CEO defended himself claiming that he was misunderstood by the investors.

"I meant options of speculative nature and not standard transactions securing export revenues. I regret that the market understood me in a wrong way," explained Duda. The imposed fine is the maximum penalty that can be imposed for such misconduct.

"This is the highest ever fine for information manipulation imposed on an individual," said ?ukasz Dajnowicz, spokesperson of the Financial Supervision Authority (KNF).