The former management of Polish debt collector GetBack SA was involved in transactions that helped it avoid making impairments on the company's assets, news agency PAP reported May 29, citing the Polish Financial Supervision Authority.
The FSA established that GetBack's managers would sell its debt portfolios before the end of reporting periods to companies not affiliated with the group to avoid impairments and book profit on the sale, and later would buy the portfolios back, booking their value at their purchasing price.
The regulator also noted that the August 2017 purchase of debt collector EGB Investments by GetBack will not be economically beneficial to the company and requires an impairment charge, the newswire said.
The financially troubled debt collector, which is now subject to restructuring proceedings, also postponed once again the publication of its audited consolidated financial result for 2017, without providing a new date this time, PAP also said May 30. The publication of the financial report for the first quarter of 2018 is expected June 29.
According to GetBack's unaudited financial report, the company eyes an estimated net loss of 1.33 billion Polish zlotys for 2017, compared with the previously estimated loss of 1.2 billion zlotys, the news agency noted.
As of May 29, US$1 was equivalent to 3.74 Polish zlotys.
