Opening audit at PZU. “Earnings exceeded PLN 220,000 per month”

According to PZU, the opening audit revealed, among others, the following irregularities: the transaction of purchasing the bankrupt company Ruch for almost PLN 270 million by PZU Group companies, support for the media initiatives of the then ruling party and the services of – as it was defined – management board advisors. They did not have a specific scope of duties and there is no trace of their services, although they cost the PZU Group PLN 45 million – it was reported.

Irregularities also concerned the employment of people for key managerial positions, where the selection process was purely based on party affiliation – PZU also informed.

The company emphasized that the first three notifications on suspicion of committing a crime have already been sent to the prosecutor's office, and several more are in preparation.

Renowned external audit companies and law firms, without any interference from the company, conducted 26 audits in 18 areas, said Artur Olech, president of PZU, quoted in the release.

The audit shows that members of the corporate bodies of PZU and PZU Życie, as well as other companies from the PZU Group, committed numerous irregularities in the years 2016–2024, which led to occurrence of large-scale damage. In most cases, activities in this area were caused by political reasons and were in the interest of people associated with the ruling party in the mentioned period – the company wrote in a press release.

According to her information, on the purchase of the bankrupt Ruch PZU and PZU Życie lost PLN 58 million. Alior Bank, controlled by the PZU Group, spent almost PLN 210 million on this transaction. Information obtained from audit firms and law firms involved in the audit shows that the aim of the project could have been, among others: ensuring that the right-wing press reaches the inhabitants of smaller towns – the company wrote in a press release.

The external law firm also pointed out: lack of supervision over the LINK4 subsidiary. “LINK4 has only focused on blindly gaining market share, which, combined with incompetence and numerous managerial errors led to losses in the motor insurance segment,” wrote PZU. The company recalled that since 2016, the wife of the then Minister of Justice was responsible for online sales and marketing in LINK4 (Zbigniew Ziobro – ed.), who joined the management board of LINK4 in 2020 and worked there until 2022.

According to PZU, in the years 2016-2024 there were employees in the Group's companies 40 “management advisors”the most – 18 in Bank Pekao. The cost of their remuneration reached PLN 45 million, and the payroll of advisors and directors of PZU Group companies included right-wing journalists, lawyers associated with the then ruling coalition, business partners of the then management board members, politicians of the ruling party and their children, the company noted.

According to her, the largest single beneficiaries received PLN 6 million each. “Earnings of the most important advisors even exceeded the amount of PLN 220,000. PLN per month” – wrote the company. In the case of “advisors”, it is difficult to find any traces of their work, i.e. any documents, expert opinions and advice resulting from these employment relationships, or even traces of their presence in the companies, PZU emphasized.

The report also indicates that they were commonly created in the PZU Group fictitious positions.

According to PZU, the opening report confirms that the cooperation with the Sigma Bis media house by PZU and PZU Życie was carried out on non-market conditions, which were worse and unfavorable for insurance companies. The total property damage in connection with this cooperation is estimated at at least PLN 10 million.

PZU emphasized that Sigma Bis had an official document – the so-called blacklist – publishers and media broadcasterswith which no advertising cooperation was undertaken. “The entities on the list are mainly: Warner Bros. Discovery (TVN), Agora Group ('Gazeta Wyborcza') and Ringier Axel Springer Group (Onet, 'Newsweek'). The analysis of advertising campaigns carried out by Sigma Bis and the participation of individual media in the campaigns confirms this application,” the statement said.

As the PZU Group wrote, “entities related to… were particularly appreciated Catholic television from Toruń and its associated foundation. These entities could count on subsidies related to the financing of media projects, but also on mysterious claims settlement.

As indicated, a specific incident was the damage in 2009 related to an incorrectly performed geothermal well and reported to PZU in 2020, i.e. after the expiry of the limitation period. Initially, it was classified as a refusal, but ultimately it was “recognized” as a result of the “settlement” and after the elections of October 15, 2023, a total of PLN 20 million was paid.

The conclusions from the audits will be used to tighten the procedures in the PZU Group to limit the occurrence of similar abuses in the future. These applications will also be used in criminal and civil proceedings, where PZU will seek redress for the damage incurred, the company emphasized.

The Powszechny Zakład Ubezpieczeń Capital Group is the largest financial institution in Poland and Central and Eastern Europe. The Group is headed by PZU – the company has been listed on the Warsaw Stock Exchange since 2010.

The group includes, among others: PZU Życie SA, Link4 TU SA, TUW PZUW, Alior Bank SA, Bank Pekao SA. The group manages approximately PLN 300 billion of assets and provides services to approximately 22 million clients in five countries. The State Treasury has approximately 34.2 percent in PZU. shares.