Opening study at PZU. “Earnings exceeded PLN 220,000 per month”

According to PZU, the opening investigation revealed, among others, the following irregularities: the transaction of the purchase of the bankrupt company Ruch for almost PLN 270 million by PZU Group companies, support for media campaigns of governing party at the time and services – as described – advisors from the board of directors. They did not have a specific area of ​​responsibility and there is no trace of their services, although they spent 45 million to PZU Group PLN – it was reported.

Irregularities also related to the recruitment of people for key management positions, where the selection process was based solely on party affiliation – PZU also reported.

The company confirmed that the first three notifications of suspected wrongdoing have already been sent to the prosecutor’s office, and that several more are being prepared.

Reputable external research companies and law firms, without interfering with the company, conducted 26 studies in 18 areas, said Artur Olech, president of PZU, who was mentioned in the publication.

The investigation shows that members of PZU and PZU Życie corporate groups, as well as other companies from the PZU Group, committed several irregularities in the years 2016 – 2024, which led to an event of major damage. In most cases, actions in this area were caused by political reasons and were for the interest of people associated with the ruling party in the specified period – the company wrote in a press release.

According to her information, on the purchase of the broken Ruch PZU and PZU Życie lost PLN 58 million. Alior Bank, controlled by the PZU Group, spent nearly PLN 210 million on this transaction. According to the information received from research companies and law firms involved in the study, the aim of the project could be, among others: ensuring that right-wing media reach people -residential villages – wrote the company in a press release.

The outside law firm also pointed out: lack of direction on the LINK4 subgroup. “LINK4 has only focused on blindly gaining market share, which, combined with incompetence and several management errors that led to losses in the motor insurance sector,” wrote PZU. The company recalled that since 2016, the wife of the then Minister of Justice was in charge of online sales and marketing in LINK4 (Zbigniew Ziobro – ed.), who joined the LINK4 management board in 2020 and worked there until 2022.

According to PZU, in the years 2016-2024 there were employees in the Group’s companies 40 “guidance tips”most – 18 in Bank Pekao. The cost of the salary reached PLN 45 million, and the payroll of consultants and directors of PZU Group companies included right-wing journalists, lawyers associated with the ruling coalition at the time, com- business partners of the members of the management board at the time, politicians of the ruling party and their children, the company noted.

According to her, the largest single beneficiaries received PLN 6 million each. “Counselors’ earnings matter most even higher than the level PLN 220,000. PLN per month” – wrote the company. As for “consultants”, it is difficult to find any trace of their work, ie any documents, expert opinions and advice as a result of these employment relationships, or even signs of presence in the companies, PZU emphasized.

The report also states that they were created jointly in the PZU Group false positions.

According to PZU, the opening report confirms that the cooperation with the Sigma Bis media house with PZU and PZU Życie was carried out on non-market conditions, which were worse and unfavorable for insurance companies. It is estimated that the total damage to property related to this cooperation is at least PLN 10 million.

PZU confirmed that Sigma Bis had an official document – so-called blacklist – media publishers and broadcasterssince advertising cooperation was not undertaken. “The groups on the list are mostly: Warner Bros. Discovery (TVN), Agora Group (‘Gazeta Wyborcza’) and Ringier Axel Springer Group (Onet, ‘Newsweek’). An analysis of advertising campaigns carried out by Sigma Bis and the participation of individual media in the campaigns confirms this claim,” said the statement.

As the PZU Group wrote, “organizations related to… Catholic Television from Torun and its associated base. These organizations could count on subsidies related to the financing of media projects, but also to the settlement of confidential claims.

As indicated, a special event was the damage in 2009 related to a geothermal well that was incorrectly made and reported to PZU in 2020, i.e. after the limitation period expired. At first, it was classified as a rejection, but in the end it was “recognized” as a result of the “settlement” and after the elections of October 15, 2023, a total of PLN 20 million was paid.

The findings of the investigations will be used to tighten the procedures in the PZU Group to prevent such abuse in the future. These claims will also be used in criminal and civil proceedings, where PZU will seek compensation for the damage done, the company emphasized.

Powszechny Zakład Ubezpieczeń Capital Group is the largest financial institution in Poland and in Central and Eastern Europe. The group is headed by PZU – the company has been listed on the Warsaw Stock Exchange since 2010.

The group includes, among others: PZU Życie SA, Link4 TU SA, TUW PZUW, Banca Alior SA, Banca Pekao SA. The group manages approximately PLN 300 billion of assets and provides services to approximately 22 million clients in five countries. The State Treasury holds approximately 34.2 percent in PZU. shares.