Controversies

Bank Śląski privatization and share-offering controversy

The bank's first public share offering generated controversy after the market price on the first trading session far exceeded the offer price and individual allocations were sharply reduced because of heavy demand. Regulators examined brokerage operations, reporting and internal supervision; the brokerage authorization was temporarily withdrawn and later restored with restrictions, and fines were imposed. Parliamentary, audit and prosecutorial reviews produced differing conclusions, while criminal proceedings did not result in convictions. Civil litigation connected with the episode did produce judgments against the bank.