Echo Polska rebounds on news that firm’s director was arrested in personal capacity
Polish newspapers say the Central Anticorruption Bureau detained five people in connection with an investigation into the acceptance of property benefits for 1.17-million zloty
The share price of JSE-listed Polish shopping-centre owner Echo Polska rebounded 11% to R15.48 on Thursday. It plunged 20% on Wednesday after announcing that one of its nonexecutive directors had been detained.Polish newspapers reported that on Tuesday, the Central Anticorruption Bureau detained five people in connection with the investigation regarding the acceptance of property benefits for 1.17-million zloty (about R3.6m).Besides Echo Polska director Przemyslaw Krych, the anticorruption bureau detained the president of Malopolskie Bus Stations, the son of a senator who is the vice-president of the board of the Malopolska foundation, and two other businessmen.Echo Polska announced at 5.45pm on Wednesday that Krych had resigned as an nonexecutive director, about two hours after its 25% owner Redefine Properties issued a statement saying: "In the interests of good corporate governance and as a material shareholder in Echo Polska, Redefine has requested Echo Polska to procure Mr Kryc...
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