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MESSAGE _ENGLISH VERSION_ |
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Delayed
disclosure of confidential information -
Suspicion
of unfair competition acts against a subsidiary of Aforti Exchange S.A.
The
Management Board of AFORTI Holding S.A. w restrukturyzacji _in
restructuring_ with its registered office in Warsaw _hereinafter
referred to as the "Company", "Issuer"_, acting under Article 17
paragraph 1 in conjunction with Article 17 paragraph 4 of Regulation
_EU_ No 596/2014 of the European Parliament and of the Council of 16
April 2014 on market abuse and repealing Directive 2003/6/EC of the
European Parliament and of the Council and Commission Directives
2003/124/EC, 2003/125/EC and 2004/72/EC _"MAR Regulation"_, hereby makes
public the content of the delayed inside information, the provision of
which was delayed in the second quarter of 2023.
Content
of confidential information whose publication has been delayed:
The
Management Board of AFORTI Holding S.A. with its registered office in
Warsaw _hereinafter referred to as the "Company"_ hereby informs that in
the period April-May 2023, as a result of unfair competition, the entire
sales team of Aforti Exchange S.A. transferred in its entirety _entered
into cooperation_ to a competitive entity, i.e. a competitive currency
exchange platform based in Poland. All former collaborators had access
to the Aforti Exchange S.A. customer database containing the full
history of transactions performed, including the number of transactions,
their value and currency exchange rate, as well as the price offer and
discount plans. The database is invaluable for every currency exchange
platform and is the basis for the business. The coordinated transfer of
the entire sales team with access to the data to a competitive entity
constitutes a violation of the trade secret of Aforti Exchange S.A.
During the cooperation with the competitive entity, i.e. a competitive
currency exchange platform based in Poland, the former collaborators
slandered the Company and Aforti Exchange S.A. on the Internet, they
slandered the Company and Aforti Exchange S.A. in front of the customers
of the Company and Aforti Exchange S.A. by sending e-mails with false
information and offered them the same price conditions in the new entity
or more favorable ones as they had previously had in Aforti Exchange
S.A. Additionally, after the end of cooperation with Aforti Exchange
S.A., they logged in to the currency exchange platform from the account
manager level.
In
2023, Aforti Exchange S.A.'s turnover decreased by approximately 37%
year-on-year.
According
to data resulting from the financial statements of a competitive
currency exchange platform based in Poland publicly available in the
National Court Register, the turnover of the competitive currency
exchange platform based in Poland remained at a constant level of PLN
162-186 million for many years, and at the end of 2023 increased by 432%
year-on-year and amounted to PLN 718 million.
Revenues
from currency exchange transactions of a competing currency exchange
platform based in Poland for the years 2019-2023:
2019 2020 2021 2022 2023
213 662 632 zł 160 409 637 zł 152 748 828 zł 166 450 616 zł 718
925 050 zł
Reasons
for delay in publication of confidential information:
In
the opinion of the Management Board, the delay in providing the above
information met the conditions specified in the MAR Regulation at the
time of the decision to delay. Its disclosure could violate the
legitimate interests of the Issuer and Aforti Exchange S.A., by damaging
the image necessary for conducting business in the financial sector, and
also have a negative impact on the legal actions taken.
Aforti
Exchange S.A. brought the case to the Court. Due to the prolonged legal
proceedings and the impossibility of estimating their end, as well as
due to the Court's failure to consider the application for security, the
Issuer's Management Board decided on April 14, 2025 to disclose this
confidential information. The delay in the information did not mislead
the public, and the confidentiality of the information was ensured.
Legal
basis: Article 17 paragraph 1 of the MAR
- confidential
information
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RB-W_ASO: Ujawnienie opóźnionej informacji poufnej - Podejrzenie czynów nieuczciwej konkurencji
wobec spółki zależnej Aforti Exchange S.A.
