Why is US $ getting so high or zloty falling?

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Edited by: gumishu Jan 5, 12, 17:40 #61

delphiandomine:

Yawn. The Polish State is the biggest shareholder and is perfectly entitled to act in accordance with Poland's best interests.

delphi Polish government paid big dividends out of KGHM for the last couple of years - but it had to share with other shareholders in the profits (I think private shareholders account to more than 40 per cent shares) - so the government came up with the idea to take most of the possible profits in the form of a tax - interestingly KGHM reacted in buying a mine (or a mining company) in the US or Canada (I don't know any details) - it's not a fair action btw - because KGHM received a lot of capital from the shares and it invested it - and now the state moves in to take most of the profits of that capital investment

btw - as PiS stated when the whole issue arose (in the exposee of Tusk) there should have been an investigation whether there was any bigger movement in selling the KGHM short on the Warsaw stock market in the weeks leading to the exposee which would have been a clear manipulation of the market

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Jan 5, 12, 18:03 #62

delphiandomine:

As the Government said - it was senseless taking only a percentage of the dividends rather than taxing the entire output. It was effectively a transfer of cash to foreigners - which is why this measure was taken.

Foreigners who paid fair and square for their shares, on the open market.

Its not a positive move for Poland's image among investors as obviously people are now looking at what will be the next part state owned company to get a unilateral tax applied to it.

The govt cannot have it both ways - they wanted to float KGHM in order to generate cash in the 90s, partly in order to modernize its equipment and that entails obligations from their side to play fair.

5% or so would be fine. But 33% ?

NO$$$4poland

Jan 5, 12, 19:22 #63

delphiandomine:

As the Government said - it was senseless taking only a percentage of the dividends rather than taxing the entire output. It was effectively a transfer of cash to foreigners - which is why this measure was taken

I have been robbed too.One day I learned that even though I own part of KGHM I have no rights to its profits because state of Poland which only has 31% in the company (Poland sold 10% in early 2011 at 100PLN/share) decided overnight that it wants all the money.So I invested but Poland will profit?It's a robbery.Yeah,they got me this time but it won't happen anymore and as soon as USD drop a bit I will take my money elswhere.Good luck to Poland with "privatization",I will stay away as I have acces to other markets.One can already see weaknes of Polish market compared to others because nobody will buy something what tomorrow may be de facto nationalized.

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