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Altus TFI's supervisory board chairman steps down following arrest

Piotr Osiecki resigned as chairman of the supervisory board at Polish asset manager ALTUS Towarzystwo Funduszy Inwestycyjnych SA.

The company said Osiecki and another Altus top executive were detained by law enforcement over the 2017 sale of unit EGB Investments SA to debt collector GetBack SA, which launched restructuring proceedings in 2018. The Polish Financial Supervision Authority said in May that the purchase of EGB Investments by GetBack was not economically beneficial to the company and required an impairment charge.

Osiecki's lawyer is preparing a lawsuit against law enforcement institutions and prosecutors involved in the case, and has argued that the executive's arrest is an attempt by politicians and state authorities to divert public attention from their role in GetBack's collapse, Parkiet said Sept. 2.

Altus, whose shares are listed on the Warsaw Stock Exchange, also said Norges Bank Investment Management terminated agreements under which Altus and its unit Rockbridge TFI managed the company's two investment portfolios worth $482.7 million and $369.9 million, respectively, as of the end of August.

In addition, Polish asset manager Esaliens TFI, which has been involved in merger talks with Altus for the last few months, withdrew from the transaction, saying it would not be able to secure shareholders approval for the deal "in the current situation." The two companies signed a merger plan at the end of July, with hopes to complete the deal in October or November.