Stock exchange chief, his lover and the movie that got him suspended

Ludwik Sobolewski: photo - WSE press materials

Minister Mikolaj Budzanowski has told Polish Radio that the decision taken by the Supervisory Board at the WSE on 21 December to suspend Ludwik Sobolewski was “correct and the only possible decision to take”.

The WSE released a statement before Christmas saying that “the Management Board of the Warsaw Stock Exchange informs that the Supervisory Board at a meeting on 21 December 2012 adopted a resolution suspending Mr Ludwik Sobolewski as President of the Exchange Management Board for compelling reasons as of 21 December 2012.”

The “compelling reasons” are thought to be a conflict of interest following emails being sent to Warsaw Stock Exchange's NewConnect alternative market issuers by an aid of the WSE chief, appealing for finance for a film in which his lover, Anna Szarek, would be appearing in, reported the Puls Biznesu financial daily.

The close aid of the WSE chief, Emil Stepien, sent out emails looking for funding for the movie, Revenge of the Pharos, by director Patryk Vega.

Puls Biznesu reported that the recipients of the emails could have felt that they were being put under pressure to invest in the film, fearing that if they refused then their company's relationship with the Warsaw bourse would suffer.

An internal audit raised questions about Sobolewski's role in raising money for the film and he was asked to resign – a request he reportedly refused.

The WSE chief's lover, 27 year-old actress and model Anna Szarek, has appeared in a previous film by Patryk Vega, director of the 2005 TV series Pitbull, among other titles.

Ludwik Sobolewski has been president of the WSE since 2006 and his future will be decided at a management board meeting on 17 January, Minister Mikolaj Budzanowski said.

The WSE was privatised in 2010 but the Treasury Ministry retains a majority in voting share rights.

Sobolewski's duties are currently being performed by acting chief, Adam Maciejewski. (pg)