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GetBack to buy new debt portfolios, cooperate with Bulgarian debt manager

A unit of Polish debt collector GetBack SA signed a collaboration agreement with debt management company Cycle Credit Bulgaria EOOD, GetBack said Dec. 14.

Under the agreement, Cycle Credit will manage debt portfolios acquired by GetBack's unit in Bulgaria.

The Polish debt collector also said in a separate, same-day filing that its unit signed an agreement with a Poland-based bank on the acquisition of debt portfolios with a total nominal value of around 600 million zlotys. The name of the lender was not disclosed.

Meanwhile, Polish media outlets reported Dec. 15 that one of GetBack's employees was detained at the request of Polish prosecutors over reportedly illegal access to Poland's personal identification number database to obtain personal data of debtors, with the news reports negatively affecting the price of the company's shares trading on the Warsaw Stock Exchange.

The company issued a statement later that day, saying it requested the prosecutors be granted the status of an aggrieved party in the proceedings. It also noted it never had direct access to the ID database and was not aware of the employee's illegal activities until the prosecutor's office brought charges against the employee. GetBack noted it continues to operate as usual and maintains its development plans, in particular those related to purchases of new debt portfolios, as well as foreign expansion.

As of Dec. 15, US$1 was equivalent to 3.58 Polish zlotys.