There is an investigation into PKP Cargo. CBA is investigating irregularities

The Central Anticorruption Bureau has launched an investigation into PKP Cargo, which aims to clarify irregularities related to the implementation of the decision of former Prime Minister Mateusz Morawiecki regarding the transport of coal. This decision, made in 2022, was intended to transport coal purchased by PGE Paliwa and Węglokoks, but its consequences resulted in losses estimated at hundreds of millions of złoty.

CBA investigates PKP Cargo’s activities

The Prime Minister’s decision of July 2022 obliged PKP Cargo to transport coal, which involved the need to terminate existing contracts with other customers, leading to serious financial problems for the company. As a result, PKP Cargo recorded significant losses, which contributed to the company’s current financial situation. These losses were valued at PLN 376.3 million.

PKP Cargo actively cooperates with law enforcement agencies in the ongoing investigation, emphasizing that as a reporting party, it supports the investigators’ actions. The company’s position is that the execution of the government’s order resulted in a loss of revenue and the need for restructuring.

Restructuring of PKP Cargo

PKP Cargo’s board, currently undergoing restructuring of the company, blames its predecessors for causing the financial crisis. Over the past nine years, the company has lost 90% of its value, and its capitalization has fallen from over PLN 4 billion in 2014 to around PLN 600 million in April 2024. PKP Cargo’s share of the Polish rail market has also fallen dramatically – from 60% in 2013 to less than 30% in the first quarter of 2024.

One of the main elements of the restructuring plan, announced in July 2024, is the layoff of 30 percent of employees. The reduction in employment will affect 4,142 people, but thanks to agreements with other carriers, such as PKP Intercity and Polregio, some of these employees will find employment in other rail companies.

PKP Cargo activities

PKP Cargo is the largest freight carrier on Polish tracks, offering comprehensive logistics services, combining rail, road and sea transport. It operates not only in Poland, but also in countries such as the Czech Republic, Slovakia, Germany, Austria, the Netherlands, Hungary, Lithuania and Slovenia. The main shareholder of PKP Cargo is PKP SA, which holds 33.01 percent of shares.