CORPORATE GOVERNANCE
Echo Polska shares slump 20% on Polish arrest
Echo Polska Properties’s (EPP’s) JSE-listed shares slumped 20.1% to close at R13.95 on Wednesday, after authorities detained a nonexecutive director in Poland. Przemyslaw Krych, Echo Polska’s nonexecutive director and CEO of related company Griffin Real Estate, is being detained by Poland’s Central Anticorruption Bureau. Krych said via his attorneys: "I have not committed any crime and intend to prove my innocence in a manner resulting from the law." Echo Polska, the Polish-invested real estate company, said it did not know "the content of the charges alleged against Krych" as the matter was being heard behind closed doors. "If it is established that these charges relate to activities involving the company’s business, the company will conduct an independent investigation and take any other actions as it deems necessary to ensure the protection of the interests of the company and its shareholders," Echo Polska said. The company said its board was confident that its corporate governan...
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