Prokom Investments

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In one part of the building of the former Agricultural Bank in Warsaw Ulica Nowogrodzka has Futurion 1 SA today (2019) based

Prokom Investments SA was the company name of a Polish associated company ( private equity ). The company has been trading as Futurion 1 SA since April 2017.The company's headquarters are at Ulica Nowogrodzka 50 in Warsaw . A significant investment vehicle in the 1990s and 2000s, the company is now (2019) economically insignificant and highly indebted.

Holdings

Prokom Investments was founded in 1990 by the Polish entrepreneur and later billionaire Ryszard Krauze . Since January 30, 2002, the company traded as a stock corporation (SA), but was not listed on the stock exchange . Through Prokom Investments , Krauze held its investments in the IT, biotechnology, oil production and real estate industries. Since Prokom Investments was sold to a Cypriot company in 2015, it is unknown to what extent the Krauze family still has an indirect stake in the company.

The exact shareholding and financial relationships at Prokom Investments were sometimes difficult to understand. It was difficult to assign the distribution of shares (as well as guarantees issued to lenders as well as loans granted to one another) to companies controlled by the majority - with frequent changes - business journalists and stock market specialists. In some cases, portfolio companies sold each other other investments or assets without explaining the process itself or the basis of valuation. The lack of transparency has been criticized by minority shareholders (the portfolio companies). In the 2000s, public prosecutors investigated financial transactions in which Prokom Investments was involved. This proceeding has been discontinued.

Prokom Software SA Logo.svg

Prokom software

As early as 1987, Krauze had built up the later listed Prokom Software (which originally operated under the name Prokom ) - a company that offered IT solutions for large and medium-sized companies (including often state-controlled companies) and the public administration sector. Among other things, large orders for digitization were placed by Zakład Ubezpieczeń Społecznych , the Ministry of Defense , the Ministry of Education, Najwyższa Izba Kontroli , KGHM Polska Miedź , Poczta Polska , PKO Bank Polski , Telekomunikacja Polska and Powszechny Zakład Ubezpieczeń . Prokom Software was merged with the Asseco Group as part of a takeover in April 2008 .

Bioton.svg

Bioton

One of the portfolio companies was the pharmaceutical manufacturer Bioton , founded in 1989 , in which Prokom Investments acquired a stake in 1996. In 2005, the company specializing in the manufacture of insulin and antibiotics went public ; For a while, Bioton was included in the WIG-20 index of the Warsaw Stock Exchange.

Even after the IPO, Prokom Investments controlled the company; as a result, other pharmaceutical companies were bought up by Bioton (e.g. Biolek ). Prokom Investments sold the last Bioton shares to a Chinese investor in 2015.

The joint venture between Prokom Investments and Fadesa built the Ostoja settlement in Miasteczko Wilanów

Miasteczko Wilanów

In 1999, Prokom Investments acquired the rights to use almost 170 hectares of fields and meadows in the Wilanów district of Warsaw . The seller was the Warsaw University of Natural Sciences SGGW . The purchase price was 370 million zlotys. Prokom Investments had the proceeds from the sale of shares in Bioton and bank loans available for financing . The bank loans were secured with blocks of shares in Prokom Software and Bioton . Prokom Investments has developed a residential area on the site . To this end, the company entered into several joint ventures with property developers (e.g. the Spanish Fadesa Inmobiliaria ) in order to be involved in the development of individual residential complexes.

In August 2007 Prokom Investments transferred the rights to its land in Miasteczko Wilanów to Polnord SA

Polnord-CMYK Logo-Polnord-Poziome.jpg

Polish Lord

In the mid-2000s, Prokom Investments acquired a stake in the real estate development and construction company Polnord . In 2007, Prokom Investments received around five million Polishord shares at a price of 126.64 złoty each in exchange for the undeveloped land from Miasteczko Wilanów that remained in the Prokom Investments portfolio . The transferred rights to use around 80 hectares were valued at 636 million złoty. In addition to the land, the purchase price included claims against the city of Warsaw (or city-owned companies) and the Wilanów district for reimbursement of infrastructure construction work that had already been carried out.

In November 2014, Prokom Investments creditor banks took over shares in Polnord . In October 2015, the PKO BP bank received additional Polord shares.

Petrolinvest

In August 2006, Prokom Investments, through its previously insignificant portfolio company Petrolinvest , took over a company in Kazakhstan that had several licenses and (presumed) deposits for oil and natural gas production. At that time, the oil reserves to be extracted were estimated at two billion barrels , which would have covered Poland's need for oil for thirteen years. The purchase price was $ 143 million. A few weeks later, Petrolinvest had to make significant unexpected tax payments (contaminated sites) to the Kazakh authorities. To start drilling, Petrolinvest took out a loan of 300 million zlotys from PKO BP ; other Prokom Investments companies provided guarantees.

On July 16, 2007, the company made its debut on the Warsaw Stock Exchange . The IPO was a great success. The shares were offered for 227 zloty. During the first day of trading, the price rose to PLN 620; at the close of the market it was 590 zlotys. Although Petrolinvest had not yet produced any oil, the IPO generated 2.3 billion zlotys. The company's stock market value peaked at around PLN 5 billion. The seat of Petrolinvest was Gdynia . In the next few years Petrolinvest was mainly occupied with test drilling in Kazakhstan, but did not find anything; the stock market price therefore fell continuously - in 2014 the value of the company was 46 million zloty, in 2017 it was only 30 million zloty. The listing on the stock exchange was suspended in 2018.

POLAQUA's company logo.tif

Polaqua

On the Polish construction companies Polaqua participated Prokom Investments as a financial investor . From mid-2006 the company (as well as Krauze directly) acquired shares in Polaqua . The last acquisitions were made in spring 2007 and the company went public in July 2007. Shortly thereafter, Prokom Investments sold its shares in several tranches and realized a high profit.

In June 2008, Pol-Aqua and Prokom Investments (together with their subsidiary Osiedle Wilanowskie ) revoked a provisional agreement on the purchase of 20% of Polnord shares by Pol-Aqua .

Other investments (selection)

The Osiedle Wilanowskie Sp. , A company incorporated in 2002, subsidiary of Prokom Investments , based in Gdynia was co-partner of Polnord and petroleum Invest . The Pomorskie Farmy Wiatrowe Sp. , By Prokom Investments as a project company for the construction and operation of onshore - wind farms had been established, was at 2,011 Petrol Invest sold. The company had 423 hectares of land. The Aquapark Sopot built a swimming pool in Sopot in 2002 . The complex was taken over in 2014 by Podkarpackie Fundusz Nieruchomości , an Asseco Group company, in return for unpaid debts from Prokom Investments to Asseco .

In 2007, Prokom Investments increased its stake in the listed stockbroker Beskidzki Dom Maklerski SA, founded in 1993, to a majority stake. Prokom Investments withdrew from a minority stake in the listed book and magazine printer Kompap (based in Łódź ) in 2007. Another subsidiary was Prokom Śląska Sp.z oo , which was liquidated in 2015 , a property management company that managed Prokom Investments properties .

Sponsorship

From 1998, Prokom Investments was the main sponsor of a successful basketball club in Sopot , which was founded in 1995 as "Trefl Sopot", both directly and through its participation in Prokom Software . Under the changed name Prokom Trefl Sopot and (after the takeover of Prokom Software by Asseco) Asseco Prokom Sopot , the association achieved numerous successes. After a change of location, the association was called Asseco Prokom Gdynia from 2009 . Since sponsoring as the namesake no longer made sense for Prokom Investments, which was no longer public , the company stopped this activity. The company also supported a newly founded association ( Trefl Sopot ) in Sopot after the departure of “Arka Gdynia” .

In 2009 Prokom Investments was awarded the "Złotych Koszy" by the Polish Basketball Association (PZKosz) as a national sponsor.

From 1999 to 2007 Prokom Investments sponsored the Gdansk tennis tournament “Idea Prokom Open”, later renamed “ Orange Prokom Open ”. Thanks to financial support came from a small ITF tournament in a short time a prestigious event in the tour schedule of ATP and WTA . Rafael Nadal won his first ATP title here in 2004. Krauze regularly invited Polish political celebrities to the prestigious tournament, so Aleksander Kwaśniewski attended the event.

From 2004 to 2008 Prokom Investments supported the Polish Tennis Association PZT with around 10 million zloty. The company also sponsored individual players. So were Agnieszka Radwańska and Jerzy Janowicz financial assistance.

The Gdyńska Szkoła Wyższa Prawa i Dyplomacji (1996 to 2010: Wyższa Szkoła Międzynarodowych Stosunków Gospodarczych i Politycznych w Gdyni ) in Gdynia was financially supported by Prokom Investments by granting preferential rental conditions . Despite the fact that the university had a good reputation, the number of students and thus the fee income fell sharply by the end of the 2000s. In 2012, Prokom Investments hired a bailiff to collect rental debts. On July 1, 2013, the institute was incorporated into the structure of Wyższa Szkoła Bankowa w Gdańsku in Gdańsk as the Faculty of Economics and Management .

Decline

Around the year 2010 Prokom Investments got increasingly into financial problems. The unsuccessful, loan-financed investments in Petrolinvest , which led to over-indebtedness of Prokom Investments when the stock market valuations of the credit-hedging companies at Bioton and Polnord fell , resulted in applications for the opening of insolvency proceedings by several creditors in 2015. The competent court in Gdansk was in January of that year the first application was submitted by the television station Telewizja Familijna ; the creditor asserted claims totaling PLN 75 million. This was followed by an application from BGK-Bank Gospodarstwa Krajowego . At the end of September, the creditor bank PKO BP applied for the opening of the proceedings (approx. 150 million zloty). The court rejected the applications - bankruptcy proceedings could no longer be financed. The appraiser appointed by the court found that the debt of 462 million zloty was offset by assets of 182 million zloty.

For the 2011 financial year the company had reported a profit of 1.2 million zlotys. At the time, however, significant assets were already pledged to banks and other creditors. Only minor holdings and art objects - u. a. by Pablo Picasso (drawings), Apoloniusz Kędzierski, Jerzy Nowosielski , Leon Wyczółkowski and Józef Pankiewicz - were still unencumbered. In February 2014, Krauze had already resigned from his management position at Prokom Investments . As a result, the ownership structure of the company changed; The Cypriot Maranzana Limited was registered as a new partner . In April 2017 the name was changed to Futurion 1 . At the same time, the company's headquarters were relocated from Gdynia to Warsaw. In June 2018, real estate pledged to banks was auctioned, including sand deposits still to be mined in Brzeźno Lęborskie .

Web links

Commons : Prokom Investments  - collection of images, videos and audio files

Individual evidence

  1. ↑ a b c d e Po majątku wartym 4.5 mld zł never zostało śladu. Ryszard Krauze znów ma kłopoty , December 19, 2017, forsal.pl/ Dziennik Gazeta Prawna (in Polish)
  2. ↑ a b c Dawid Tokarz, Prokom nie ma prawie nic , June 17, 2015, Puls Biznesu (in Polish)
  3. ↑ Prokom Investments zainwestuje 160 mln USD w Wilanowie , February 4, 2002, Parkiet (in Polish)
  4. ↑ a b c d Krzysztof Katka, Imperium Ryszarda Krauzego z Gdyni na Cypr , February 21, 2015, Gazeta Wyborcza (in Polish)
  5. ↑ a b c Krzysztof Katka, Dlaczego Ryszard Krauze nie ma już pieniędzy na sport? Gdzie się podziały jego miliardy? , February 12, 2013, wyborcza.pl (in Polish)
  6. ↑ Akt oskarżenia dla R. Krauzego , December 30, 2010, Onet (in Polish)
  7. ↑ Iwona Krawczyk, Konta Prokomu zostaną przebadane przez prokuratora , January 29, 2008, rp.pl (in Polish)
  8. ↑ Prokom zawarł kontrakt z ZUS o wartości 125.7 mln zł , October 22, 2001, Bankier.pl (in Polish)
  9. ↑ a b Tak upada with Ryszarda Krauze , September 2, 2013, Wirtualna Polska (in Polish)
  10. ↑ Key events in BIOTON's history. ( Memento from July 5, 2014 in the Internet Archive )
  11. ↑ Tomasz Jóźwik, Niekończąca się historia Ryszarda Krauzego. Kolejne kłopoty z prokuraturą nie dają o nim zapomnieć , December 19, 2017, Dziennik (in Polish)
  12. ↑ Właściciel Miasteczka Wilanow trafia na sprzedaż. Kto go kupi? , June 4, 2014, Gazeta Wyborcza (in Polish)
  13. ↑ Konrad Majszyk and Maciej Szczepaniuk, Miasteczko Wilanów prawie jak wioska , February 4, 2008, Rzeczpospolita (in Polish)
  14. ↑ Prokom przejmuje Polnord i wchodzi w nieruchomości , August 6, 2006, Zycie Warszawy
  15. ↑ AR, Polnord poised for profit , May 6, 2007, The Warsaw Voice (in English)
  16. ↑ Dariusz Bartoszewicz, company budująca Miasteczko Wilanów chce od miasta pół miliarda zł , August 30, 2014, Gazeta Wyborcza (in Polish)
  17. ↑ Adam Roguski, Polnord pod kontrola instytucji finansowych 21 October 2015 Rzeczpospolita (in Polish)
  18. ↑ a b Paweł Biedrzycki, Jak Petrolinvest doprowadził Ryszarda Krauze do ruiny , July 20, 2016, Strefainwestoorow.pl (in Polish)
  19. ↑ a b c Ireneusz Sudak, Spółki Ryszarda Krauzego sprzedają akcje Polnordu , June 4, 2014, Gazeta Wyborcza (in Polish)
  20. ↑ Prokom Investments joins Pol-Aqua , June 29, 2006, nov-ost.info
  21. ↑ Andrzej Kublik, Pol-Aqua - złoty interes Funduszu Krauzego December 4, 2007, Domiporta.pl (in Polish)
  22. ↑ Pol-Aqua i akcjonariusze Polnordu zrezygnowali z połączenia spółek , June 20, 2008, money.pl (in Polish)
  23. ↑ Zmiana udziału Prokom Investments SA oraz Osiedle Wilanowskie Sp.z oo w ogólnej liczbie głosów , September 17, 2009, bankier.pl (in Polish)
  24. ↑ Krauze kontroluje ponad 10 proc. etrolinvestu , June 7, 2011, Puls Biznesu (in Polish)
  25. ↑ Pomorskie Farmy Wiatrowe kupione przez Petrolinvest , July 15, 2011, instalacjeb2b.pl (in Polish)
  26. ↑ a b Krzysztof Katka, Ryszard Krauze rozdaje majątek dzieciom , February 15, 2014, Gazeta Wyborcza (in Polish)
  27. ↑ Ewa Karendys, Tak się zmienił Aqua Park w Sopocie , 1st April 2015 Gazeta Wyborcza (in Polish)
  28. ↑ Prokom Investments dokapitalizuje Beskidzki Dom Maklerski , August 27, 2007, Money.pl (in Polish)
  29. ↑ Ewelina Konwicka-Wójcik, Kompap Ryszard Krauze wychodzi ze spółki , April 19, 2007, Parkiet (in Polish)
  30. ↑ Discharge note Commercial Register (KRS 0000295107) from November 18, 2015 , rejestr.io (in Polish)
  31. ↑ a b Tomasz Słomczyński, Gdyńska Szkoła Wyższa Prawa i Dyplomacji bankrutuje? Uratuje ją Ryszard Krauze? , November 14, 2012, Dziennik Bałtycki (daily newspaper; in Polish)
  32. ↑ Paweł Durkiewicz, Nowy Asseco Prokom , August 3, 2009, Polska (daily newspaper; in Polish)
  33. ↑ Site of Arka Gdynia , December 21, 2009 (in English)
  34. ↑ a b Krzysztof Domaradzki, Mecenas Krauze , February 4, 2014, Forbes.pl
  35. ↑ Prokom Investments w upadłości? Dogadał się z bankami , October 15, 2015, Money.pl (in Polish)
  36. ↑ Ryszard Krauze wycofuje się z Prokom Investments , February 4, 2014, Forbes.com (in Polish)
  37. ↑ Krzysztof Katka, Złoża piasku dawnego imperium miliardera Ryszarda Krauzego idą pod młotek , June 14, 2018, Gazeta Wyborcza (Trójmiasto; in Polish)

Coordinates: 52 ° 13 ′ 40.4 ″  N , 21 ° 0 ′ 25.4 ″  E