Polish Financial Supervision Authority flags manipulation on GPW and NewConnect

The Polish Financial Supervision Authority (KNF) announced that its analysis has uncovered possible manipulation of shares listed on the Warsaw Stock Exchange’s main market (GPW) and the alternative platform NewConnect. The regulator said the suspected activity, known as “marking the close,” involved buying shares immediately before or at the end of the trading session to influence closing prices. The alleged scheme is said to have taken place between 31 March 2021 and 30 September 2024.

KNK identified the investment fund GRIT Capital FIZ, which is in liquidation and managed by AgioFunds TFI SA, as a primary vehicle for the conduct. The authority lodged a formal notice with law‑enforcement bodies on 29 June 2026, requesting a criminal investigation of the suspected market‑price manipulation. Companies cited in the KNF statement include Platige Image, IMS, Eurotel, MCI Capital, Fabrity Holding, Voxel, Rainbow Tours, Alumetal, Synektik, Neuca, DataWalk and Spyrosoft. The regulator warned that such practices undermine investor confidence and could deter capital inflows into Polish firms.