Title: Suspicious Energy Bridge Deal: Two Ex-ENEA SA Executives Detained for Negligence leading to 15 Million Zł Losses

The Central Anti-Corruption Bureau (CBA) of Poland announced the detainment of two former top executives of the state-owned energy company ENEA SA, in relation to a questionable energy bridge deal concerning a power line connecting Poland with Belarus.

Ex-Managers Accused of Negligence resulting in Company Losses

According to the investigation by the Poznań Regional Office of the CBA, the ex-managers are accused of negligence that resulted in at least 15 million zlotys (€3.4 million / $3.7 million) in losses for ENEA SA.

Suspect Deal: Energy Bridge and Share Purchase

• In August 2011, ENEA SA purchased a 50% share of A., a company that owned a part of the 110 kV overhead power line from Brześć to Wólka Dobrzyńska.
• The vendor was Z. Ltd., a company registered in a tax haven and under Cyprus law.
• At the same time, ENEA SA signed a commitment to create an energy bridge for energy transfer between Belarus, Poland, and the EU, based on the purchased line.

Inconsistencies with the Deal

Despite initial expectations, the energy transfer through the bridge proved to be unnecessary for electricity trading through Belarus. The purchased line did not have the required capacity for this purpose. Additionally, the CBA discovered that another Cyprus-based firm, which was owned by Z. Ltd., already held a long-term lease for the power line.

Questionable Due Diligence and Benefits

There is no evidence that the two ex-senior executives conducted adequate due diligence on the power line acquisition deal. Although they were aware that the transaction involved a Cyprus company and a pre-existing long-term lease, no significant benefits resulted from the acquisition for ENEA SA or its clients.

Ongoing Investigation

The CBA is continuing to investigate the matter, suspecting that the former executives failed to fulfill their duties competently, ultimately resulting in a considerable financial loss for the state-owned concern.

Transparency and Proper Governance

The Polish government and the Central Anti-Corruption Bureau emphasize the importance of transparency and effective prevention of economic disruption caused by malfeasance and illicit activities involving public funds. The case further illustrates the significance of strict adherence to corporate governance procedures and efficient decision-making in the public sector.