Published by Global Banking & Finance Review®
Posted on December 17, 2025
1 min readLast updated: January 20, 2026
Poland's financial watchdog KNF is investigating suspected market abuse in Energa shares, focusing on insider dealing and unlawful disclosure before Orlen's stake increase announcement.
GDANSK, Dec 17 (Reuters) - Poland’s financial watchdog KNF said on Wednesday it had taken legal steps over suspected market abuse in the trading of Energa shares, including possible insider dealing and unlawful disclosure of inside information.
The case concerns trading in Energa's shares that took place before refiner Orlen disclosed after the market close on November 26 its plan to increase its stake in the utility to 100%.
As part of its actions, the watchdog requested on November 28 that investment firms block securities and cash accounts of individuals whose transactions suggest the potential use of inside information.
State-controlled Orlen, Poland's dominant oil refiner, took over Energa in 2020. The group has faced other legal probes, including an investigation into its Swiss trading unit.
Orlen did not immediately respond to a request for comment.
(Reporting by Rafal Nowak and Marek Strzelecki; Editing by Kirsten Donovan)
Market abuse refers to practices that distort the integrity of financial markets, including insider trading and unlawful disclosure of inside information, which can lead to unfair advantages in trading.
Insider dealing occurs when individuals trade stocks or securities based on non-public, material information about the company, violating laws intended to maintain fair market conditions.
A financial watchdog is an authority that monitors and regulates financial markets to ensure compliance with laws and protect investors from fraudulent activities and market manipulation.
Unlawful disclosure of inside information involves sharing confidential information about a company that could influence its stock price before it is made public, leading to potential market manipulation.
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