Disgraced former Warsaw bourse chief to run Bucharest stock market

The former head of the Warsaw Stock Exchange (WSE), Ludwik Sobolewski, was appointed as the new chief of the Bucharest stock market (BVB) five months after being sacked from his previous position for allegedly coaxing listed companies to sponsor a private project, the Polish media reported, July 2.

“The former president of the Warsaw Stock Exchange will take over as CEO in Bucharest,” Polish Daily, Puls Biznesu, reported.

The appointment did not surprise experts who have speculated on which direction in which Sobolewski would follow for some time. The former WSE chief will require permission from Warsaw bourse council members to take up the new position, as he was given a year-long ban from being employed by a competitive company.

Experts state that the Romanian stock exchange does not pose a threat to the WSE. Thus it is expected that Sobolewski will be allowed to take the job.

During his time as WSE chief, Sobolewski opened two new SME exchanges (NewConnect, Catalyst), and saw a significant increase in the number of companies listed on the market.

Romanian market experts hope that Sobolewski will work toward increasing the BVB’s market cap, which is currently at approximately EUR 13 bln.

WSE shareholders voted to sack Sobolewski in January 2013, following media allegations that he used his position to help fund a film project starring his partner Anna S.

The following wave of criticism included accusations by the media that the emails were written in such a way that the companies in question may have felt that a refusal could cause problems in their relationship with the WSE.

Sobolewski denied the allegations from the start.