NIK hits KNF. Irregularities in supervision, among others, on Polnord

The Supreme Audit Office found irregularities on the supervision of the Polish Apex Bank, Polnord, Ursus, as well as Getin Noble Bank (GNB). In the NIK's opinion, the UKNF activities were apparent and were negative for investors. According to the UKNF, the Chamber mistakenly assessed the collected evidence.

“Serious irregularities were demonstrated by an ad hoc control regarding the supervision of the Polish Financial Supervision Authority and its office (UKNF) over four selected entities. It was carried out after the analysis of information in public space and, as a result of numerous complaints affecting the Supreme Audit Office. The Supreme Audit Office assessed the KNF supervision and its office over the creation and the start of activities by the Polish Apex Bank SA (PBA). The supervision of Polnord SA (Polnord) and Ursus SA (Ursus) was not fully correct, “NIK wrote.

The actions of the PFSA and its office were often apparent in the NIK assessment, they were contrary to the law, were characterized by sluggishness and lack of respect for the basic rights of investors.

“In many cases, the commission had tools that it did not use, which was a gross neglect. It should also be emphasized that the Bank Guarantee Fund, which by the KNF decision was the curator of Getin Noble Bank SA and conducted its restructuring, hindered NIK controllers access to the documentation regarding this process” – added.

In the course of the GNB -related control, according to the Supreme Audit Office, BFG limited access to documentation regarding the sale of Velobank and the selection of the buyer.

“In this matter, analytical work is underway on the possibility of taking legal steps pursuant to Article 98 of the Act on the Supreme Audit Office, i.e. hindering the performance of control activities. In the course of the control, risks were revealed to indicate conflicts of the interests of people involved in the Velobank sales process, as well as the lack of transparency on the BFG side, which was manifested in control. These issues NIK ” – it was written.

According to the Office of the Polish Financial Supervision Authority (UKNF), which referred to the chamber of the Chamber, the Supreme Audit Office incorrectly assessed the collected evidence, and in some cases misinterpreted the law. On this basis, the Supreme Audit Office – according to the UKNF in a communiqué – mistakenly determined the facts and legal status and made incorrect conclusions.

“NIK controllers did not take into account specific facts, they did not assess the evidence in a rational manner, unreasonably omitted important circumstances despite the repeated pointing to them by the UKNF. In some cases, the Supreme Audit Office did not show sufficient evidence of the formulation of a negative assessment of the KNF's actions,” says UKNF.

“NIK once again in its control activities regarding the PFSA forcing its own interpretation of the provisions governing the competences of committees and sectoral laws regarding the financial market, apart from the extensive, specialist Polish and European legislation and from the specificity of this market. As a consequence, this is again in the NIK conclusion. law enforcement agencies and courts ” – added. (PAP Biznes)

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