Polish Regulator Faces Investigation After Cinkciarz Complains
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Polish prosecutors have started an investigation into the Financial Supervision Authority (KNF) after a complaint from financial company Cinkciarz.pl, also known as Conotoxia Holding. The company lost its payment license, and this investigation marks a serious step in its dispute with the regulator.
The District Prosecutor’s Office in Jelenia Góra is handling the case. Cinkciarz says the KNF used its power unfairly and broke European Union banking rules. The company also claims that the regulator gave false information that led to the blocking of its bank accounts.
Cinkciarz Says KNF Misled Customers And Broke The Rules
Cinkciarz stated that the KNF did not follow the law and misinformed customers, which caused big problems for its business. The company believes the regulator’s actions were unfair and harmed its operations.
The company has now asked for help from the European Public Prosecutor’s Office (EPPO) and the European Commission. It wants them to step in and check if the KNF has broken EU banking secrecy and financial data protection rules.
Reports say that Cinkciarz first accused the KNF of breaking the law in October last year. The company said it planned to take legal action back then, and it repeated the same claim a month later. The new investigation shows the matter is now getting more serious.
KNF Denies The Claims And Says No Investigation Was Approved
Jacek Barczewski, a KNF spokesperson, stated that the prosecutor’s office did not approve an investigation against the regulator. This response suggests that KNF does not agree with Cinkciarz’s claims and believes it has done nothing wrong.
Concurrently there are no updates on Cinkciarz’s other legal fights. The firm had earlier wanted to sue several Polish banks demanding the sum of 1.7 billion dollars as a claim for damages.
He accused the bank of a banking conspiracy working against its policies. They’ve been no recent information on this matter. However the firm gave an unusual announcement, it planned to start the production of toilet paper with the name KNF on it.
This is the same name as the financial regulatory, at the same time another case was filed against Conotoxia. About 1,200 persons are said to be victims, a report has it that about 328 accounts have been blocked and about $50 million in Bitcoin has been taken by the right authorities.
Anna Marszalek, the leader of the Regional Persecutors Office in Poznan, said the amount victims shows how big the case is. People are currently looking forward to what happens next in these legal battles.
