PKP Cargo Board Exit Follows Unusual Share Trading Activity

In December, PKP Cargo saw not only the departure of its Chief Executive Officer and Chair of the Management Board, Agnieszka Wasilewska-Semail, but also the abrupt exit of the company’s Supervisory Board Vice-Chair, Polish lawyer Marcin Wojewódka, under unusual circumstances.

Wojewódka had managed PKP Cargo in a notably competent manner, particularly from a legal perspective during the early phase of the court-supervised restructuring process. When Agnieszka Wasilewska-Semail assumed his role at the beginning of 2025, Wojewódka moved to the Supervisory Board, where he served as Vice-Chair.

Wojewódka: No Irregularities Have Been Confirmed

It was precisely in this position—one that entails high responsibility and strict limitations—that, according to Polish media sources, Marcin Wojewódka engaged in unprecedented conduct. During a single trading session, he sold a total of 91,703 PKP Cargo shares at PLN 12.56, amounting to PLN 1.15 million.

The transaction triggered a significant 18% drop in PKP Cargo’s share price. On the same day, Wojewódka repurchased the same number of shares at a lower price, averaging PLN 11.53 per share. The transaction reportedly generated a profit of approximately PLN 100,000.

Speculation quickly spread on the Warsaw Stock Exchange, with suspicions emerging over potential market manipulation. Investors began questioning whether non-public information may have been used. The case has since been taken up by Poland’s Financial Supervision Authority (KNF).

Responding to journalists’ questions, Wojewódka issued a brief but firm statement: "I am familiar with the applicable regulations, particularly the EU Market Abuse Regulation. This document prohibits the use or disclosure of confidential information, as well as any activities that could unlawfully influence the price of securities." He added that no irregularities have yet been confirmed, but the mere fact that the case has come under KNF scrutiny was sufficient to trigger market turbulence.

Złodziejaszki pokroju PiS. Rabować co się da. Szczególnie ci w spółkach mający dostęp do wewnętrznych informacji. Rynek i normalni ludzie obrywają bo cwany złodziej z KO rabuje nasze pieniądze: //t.co/l3WEJxV8Tf

— Isztwan_Czarny (@gorzgoroth) December 14, 2025

Stock Market Manoeuvre on the Edge of the Law, or Mere Coincidence?

Capital markets are environments where the boundary between investor intuition and legal risk is exceptionally thin. It remains unclear whether Wojewódka’s actions were an unfortunate coincidence or a deliberate attempt to benefit from an informational advantage. In the Czech Republic, purchases and sales of shares by members of management and supervisory bodies are subject to mandatory disclosure and strict oversight by the Czech National Bank.