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Report: Alior employees arrested in investment certificate mis-selling probe

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Report: Alior employees arrested in investment certificate mis-selling probe

Polish law enforcement authorities detained 12 former and current employees of Alior Bank SA, including two higher-level executives, over irregularities regarding the sale of investment certificates offered by local asset manager W Investments, news agency PAP reported March 13.

Alior Bank is co-operating with the prosecutor's office and the Financial Supervision Authority on the matter, and was the first to notify authorities about the potential irregularities regarding the sale of W Investments certificates, the lender was cited as saying.

More than 2,000 retail investors purchased certificates offered by W Investments, having lost about 500 million Polish zlotys, Puls Biznesu reported the same day, adding that Alior was the largest distributor of the certificates.

Alior Bank said in January that its internal audit revealed the lender had not committed systemic mis-selling or significant procedure violations when offering the certificates, and that the FSA's investigation into the matter was continuing, PAP said.

As of March 13, US$1 was equivalent to 3.80 Polish zlotys.