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GetBack's majority shareholder demands compensation from Idea Bank

DNLD, a majority shareholder in financially troubled GetBack SA, approached Idea Bank SA and its unit Idea Money, demanding an unspecified amount in compensation for the 2016 purchase of the Polish debt collector.

DNLD, which is co-owned by funds managed by Abris Capital Partners, claims that Idea Bank and its unit were aware of problems at GetBack during the 2016 sale. DNLD called for the companies to engage in settlement proceedings over the payment of compensation.

Idea Bank said March 7 that GetBack was in a good financial position during the 2016 transaction and has no plans to engage in negotiations with DNLD. The lender also said that problems at GetBack were caused by the actions of the company's management after the sale.

In addition to owning GetBack until 2016, Idea Bank was also one of the main distributors of the debt collector's bonds, and several of its former management board members were recently detained by Polish law enforcement authorities over irregularities relating to the sale of the bonds to retail investors.