The Kernel affair. "Ukrainian oligarch expropriates Polish pensioner"

Press conference attended by Deputy Marshal Krzysztof Bosak and Gabriel Krynicki, stock analyst and investor, 29 November 2023.

Krzysztof Bosak:
– This is simply a large scandal in the capital marketplace – the Kernel affair. The affair in which Polish investors, including pension funds, are threatened with expropriation. They endanger losses, which in a very cautious way we can already estimation for a billion zlotys. And finally, in relation to the book value of Kernel, which is 1 of the largest agroholdings in Ukraine and is listed on the Stock Exchange, we are talking about the losses of billions of PLN. ...
We already have a full community of investors, injured shareholders, who intend to fight for their rights both before courts in Poland and Luxembourg.

– The case is seemingly complicated and in practice very simple. We have a dominant shareholder of the company listed on the Polish stock exchange. The company, which in Ukraine has immense land and infrastructure assets. Including the port. The company, which is 1 of the largest producers of rapeseed oil in the world. This company is an officially registered company in Luxembourg. Listed on the Stock Exchange. ...

Gabriel Krynicki:
– Is it possible for the Ukrainian oligarch to expropriate from the property of the Polish pensioner for 1 100 values? Polish investor? In specified a scandal as is presently going on around Kernel, behind the passive approval of the Financial Supervision Commission, which does not do what it should do, for the silent approval of the Stock Exchange, which quietly accepts this in the war-spoil of the Ukrainian oligarch called for sale at no cost, due to the fact that for 1/6 the assets of Kernel. He didn't make it. Not everyone responded to this call, so he decided to usage the alleged atomic bomb. So he convinced Kernel's board to make a private issue for him. An emotion only he can embrace. And he covered it for 1/100 of the company's value. Thus expropriating Polish pension funds, Polish investment funds and thousands of individual investors from their savings.

– All of this took place in a situation where the president of the Stock Exchange said that he would not make a problem and would not interfere in the free market. This is not how the free marketplace should look. In doing so, both Kernel and Mr Verewski broke the very basic rule that investors are equal to the law. In the face of both Polish and Luxembourg law and EU law. There can't be specified a thing. Therefore, as a typical of the injured investors, I call on both the Stock Exchange and the KNF to immediately set the condition for Mr. Werewski. If he wants to take Kernel off the stock marketplace to buy 95% of all shares listed on the Stock Exchange on marketplace terms. It does not take into account the shares which, under a private subscription, it has assumed for no cost to all another shareholders. The KNF and the Exchange have all the means to make specified a condition. The fact that specified a condition has not yet been set up gives emergence to a spiral of pathology. I We're on the emergence of Amber Gold 2. Millions will be hurt. First of all, millions of pensioners.