Page 4 - bne IntelliNews monthly magazine May 2024

4 I Companies & Markets bne May 2024
News comes in wake of an Orlen stock exchange report, published on April 10, which said in veiled corporate language that it expected an “accounting one-off”.
Poland’s Orlen paid $400mn to scammers for oil that never arrived
Wojciech Kosc in Warsaw
Orlen Trading Switzerland, the Swiss business of Poland’s listed energy conglomerate Orlen, paid PLN1.6bn (nearly $402mn) to an unchecked company that turned out to be a scam, Polish media reported on April 11.
The news reports come in the wake of an Orlen stock exchange report, published on April 10, which said in veiled corporate language that it expected an “accounting one-off” coming from an oil deal that the company’s Swiss subsidiary had signed.
“In lack of deliveries of crude oil and refining products in accordance with the deadline provided in the certain agreements, the subsidiary requested reimbursement of the prepayments,” Orlen said in a market filing.
“The prepayments have not been returned in the deadlines and the subsidiary assessed the possibility to recover the owed funds as unlikely,” it also said.
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Orlen Trading Switzerland’s CEO was detained in Poland as he flew in to meet the company’s new management, which the government-controlled supervisory board has recently appointed, Radio Zet reported.
Even though the arrest had to do with an investigation into an alleged VAT extortion scheme, it cast a stronger light on Orlen Trading Switzerland and Orlen under the leadership
“The prepayments have not been returned in the deadlines and the subsidiary assessed the possibility to recover the owed funds as unlikely”