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Supreme Audit Office on the audit of the Polish Financial Supervision Authority. NIK announcement

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The Supreme Audit Office (NIK) will conduct an ad hoc audit at the Polish Financial Supervision Authority – it was announced on Tuesday. As announced, the inspection will cover actions taken by institutions responsible for financial market security in relation to, among others, VeloBank.

The Supreme Audit Office said in a statement on Tuesday that “in connection with the planned ad hoc inspection at the Polish Financial Supervision Authority, it started analyzing the collected materials and information submitted to the Chamber.”

As added, the inspection will include “in particular actions taken by the Polish Financial Supervision Authority, BFG (Bank Guarantee Fund) and other institutions responsible for the security of the financial market in relation to, among others, entities such as: Ursus SA, Polnord SA, VeloBank SA and Polski Bank Apeksowy SA.

According to the Supreme Audit Office, such an inspection is “justified and socially expected.”

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VeloBank is to change ownership

VeloBank is the entity to which the assets of Getin Noble Bank were transferred – except for foreign currency loans – as part of the process of compulsory restructuring of this bank in September 2022.

The Bank Guarantee Fund has 51 percent. shares of VeloBank, and the Commercial Bank Protection System (SOBK) – established by the eight largest commercial banks in Poland – 49 percent. At the end of March this year. a subsidiary of Cerberus Capital signed a preliminary agreement to acquire 100 percent. VeloBank shares. Cerberus offered a total investment amount of PLN 1,075 million.

Last month, it was also reported about expiring deadline for submitting offers for the purchase of Ursus. The tender competition was part of the bankruptcy proceedings conducted by the bankruptcy trustee of Ursus SA in bankruptcy. A Warsaw court announced the bankruptcy of the tractor manufacturer in 2021. In October 2022, the management board of the Warsaw Stock Exchange decided to withdraw the company's shares from trading on the main market.

NIK audits

Ad hoc inspections are not included in the Chamber's annual work plan. Their purpose may be, for example, the need for preliminary examination of a topic, which may then be covered by planned inspection. As we read on the Chamber's website, ad hoc inspections usually end with a post-inspection statement.

Main photo source: PawelCebo/Shutterstock

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