Report 19/2022 Seizure of cash receivables pursuant to the decision on property collateral and regarding bank account freeze in connection with the termination of criminal proceedings against a former client of the Company belonging to the STS Group.
In connection with the information disclosed in the Company’s prospectus approved by the Polish Financial Supervision Authority on 23 November 2021 (”Prospectus”) and the previous regular reports of the Company concerning criminal proceedings against a former client of a company belonging to the STS Group, i.e. STS S.A., the Management Board of STS Holding S.A. (”Issuer”) would like to announce that it has become aware that on 29 August 2022, information on the seizure of cash receivables on the bank account of a subsidiary of the Issuer, i.e. STS S.A., in the amount of PLN 9.2 million was delivered. The seizure was made pursuant to the final termination of criminal proceedings against a former STS S.A. client and the execution of the decision on property collateral and regarding bank account freeze, about which the Company provided information in the Prospectus and regular reports.
The Management Board of the Issuer would also like to announce that as at the issuance of this report, the collection of the seized cash has not been completed, whereas STS S.A. itself will take all legal measures available at this stage to the Company under enforcement proceedings in order to protect the seized cash.
In addition, the Issuer notes that STS S.A. was not a party to the criminal proceedings against the aforementioned client and did not have appropriate legal tools to protect the interests of the Company in the course of the criminal proceedings. In May 2021, however, STS S.A. launched a civil action within criminal proceedings against the State Treasury for PLN 9.2 million, which is equivalent to the amount of the currently seized cash. The proceedings are ongoing and are yet to be closed.
STS S.A. intends to take all legal measures available to it in order to protect its financial interests. In the Issuer’s opinion, the situation has no significant impact on the financial situation of the STS Group.
Legal basis: Art. 17(1) MAR