Poland’s Financial Supervision Authority (Komisja Nadzoru Finansowego, KNF) confirmed it has initiated legal proceedings concerning suspected market abuse involving trades in Energa shares. These transactions were executed prior to Orlen’s announcement of its plan to acquire full control of the energy company.
Energa takeover triggers market abuse concerns
The trades in question occurred before Orlen’s official statement, which was released after market close on 26 November. The state-controlled oil refiner disclosed its intention to raise its stake in Energa to 100%, having first acquired a controlling interest in the company in 2020.
According to the KNF, there are signs that some of the transactions may have involved the use of non-public information. The regulator also suspects unlawful disclosure of sensitive data to third parties prior to the company’s official announcement.
Asset freeze measures taken during investigation
On 28 November, the KNF requested several investment firms to freeze the securities and cash accounts of identified individuals. This precautionary measure is aimed at preventing the transfer of assets potentially acquired using inside information.
Orlen has not responded to inquiries regarding the case. The company is already facing separate legal proceedings, including those involving its Swiss-based trading unit. No details have been provided on the volume of the transactions or the identities of the individuals involved.
Increased pressure on energy sector governance
The case emerges amid a trend of increasing concentration in Poland’s energy sector, led by state-controlled companies. Orlen’s move to fully acquire Energa aligns with this dynamic, although the specific terms of the transaction have not yet been made public.
Stronger scrutiny of market activity preceding strategic announcements could impact governance practices across a sector already facing political and economic pressure.
