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Insider trading
Modrzejewski fired over Izolacja,
others let go
Former CEO of PKN Orlen became the only person accused of insider trading in the 1999 bid for Izolacja ZD roofing manufacturer, but several other investors benefited from information leaked before the buyout offer became public. Modrzejewski, who previously worked as the chief executive of Izolacja?s main shareholder, IX NFI investment fund was detained by the Polish secret police in early 2002 after allegations that he told other people about the bid by Denmark?s Icopal building materials supplier. The head of Poland?s largest refinery was released after a few hours, but lost his job the next day. He was never formally charged for his role in the affair.
Polish Securities and Exchanges Commission believes that at least seven...
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