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Unipetrol’s Marek Serafin detained by Polish police

  16:25

PKN Orlen suspends Unipetrol vice chair Marek Serafin after detention by Poland’s Internal Security Agency in corruption case

Poland — and Ukraine — could lessen their dependence on Gazprom thanks to shale gas foto: © PKN OrlenČeská pozice

Poland’s Internal Security Agency (ABW) has detained Marek Serafin, the senior manager at the oil and gas concern PKN Orlen responsible for the petrochemicals sector — including the Czech firm Unipetrol, in which the Polish fim has a majority stake — over suspected corruption. Two of his subordinates have also reportedly been detained by prosecutors for questionning, along with a businessman unrelated to either company.

Serafin, who has been vice chairman of the Prague-listed firm Unipetrol since February 13, 2009, has been suspended indefinitely, the Polish state-controlled firm said in a statement issued Friday; the move follows a unanimous decision taken by the PKN Orlen supervisory board on Wednesday, it said:

The Supervisory Board of PKN Orlen, during its meeting on 8 December 2011, has adopted a resolution in accordance to which Mr. Marek Serafin has been dismissed from the position of the Member of the PKN Orlen Management Board.

At the same time the company’s Supervisory Board has delegated with effective date of 9 December 2011, Member of the PKN Orlen Supervisory Board, Mr. Piotr Wielowieyski, to act temporary as the Member of the Company’s Management Board, Petrochemical Operations.

Delegation is valid till the moment of appointment of the Member of PKN Orlen Management Board, Petrochemical Operations, but no longer than three months, ie. not longer than by 9 March 2012. Delegation is a result of removal of Mr. Marek Serafin from the position of the Member of the PKN Orlen Management Board, Petrochemical Operations.

According to the Warsaw Prosecutor’s Office, the investigation is looking at alleged preferential treatment of a third party and abuse of business trust, the industry newswire ICIS reported, citing Polish media reports. It noted that the contractual cooperation between PKN Orlen and that party was being investigated by the ABW. Poland’s Ministry of the Treasury, which holds a controlling stake of 27.5 percent in PKN Orlen, said it was in contact with the company’s supervisory board and wants the matter quickly resolved in accordance with the law.

At Unipetrol, however, no formal decision regarding Serafin has been announced. “The decision regarding the future of Mr. Marek Serafin in the Board of Directors of Unipetrol a.s. has not been made yet. This matter will be discussed during the next meeting of the Supervisory Board of Unipetrol, which will take place soon,” said Mikuláš Duda of the petrochemical company’s press department in an emailed statement.

Regardless, it is an unwelcome development for investors. “PKN has also confirmed that documents have been handed over and employees have been questioned by prosecutors. ... This is certainly not good news and triggered an immediate negative reaction in the share price,” said Robert Rethy, an analyst with the Wood & Company brokerage, in a note to clients. “Although it is difficult to judge the extent of the damage without knowing any details, the case may not have a material valuation impact, in our opinion.”

 
Who is Marek Serafin?

Serafin has been a member of the executive board of PKN Orlen since June 2008, responsible for petrochemical operations. He served as a member of the supervisory board of Unipetrol from June 2008 to February 13, 2009, when he became vice chairman. Among other high-profile positions, he served as president of the management group of ArcelorMittal Group, the global steelmaker, and also served as its managing director and member of the management board since 2002.

According to a biography compiled by the Bloomberg news agency, Serafin served as the president of the management board of Huta Warszawa and Silscrap, as general director and president of the management board of Huta Zawiercie from 2001 to 2002, operating director of Huta Aluminium Konin from 1999 to 2001, operating planning director at Lech Browary Wielkopolskie and Kompania Piwowarska from 1998 to 1999 and audit, corporate finance, consultant, experienced senior (project manager) at Arthur Andersen from 1994 to 1998.

Serafin serves as chairman of the supervisory board at ANWIL SA, representative of PKN ORLEN S.A. He has been Vice Chairman of Unipetrol since February 13, 2009. He serves as a director of PKN Orlen and Unipetrol. He served as a director of ORLEN Lietuva AB (formerly, Mazeikiu Nafta AB) until November 2008. He attended Poznan University of Technology and holds an MBA from the Warsaw University of Technology.

Highlights of Marek Serafin’s career
  • 2001 – 2002 - General Director – President of the Management Board of Huta Zawiercie
  • 1999 – 2001 – Operating Director of Huta Aluminium Konin
  • 1998 – 1999 – Operating Planning Director at Lech Browary Wielkopolskie and Kompania Piwowarska
  • 1994 – 1998 – Audit, Corporate Finance, Consultant, Experienced Senior (project manager) at Arthur Andersen
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