- False information about the company's market position, failure to inform about risks, non-existent loan crowdfunding and a fictitious competition – these are just examples of the questioned activities of the "Palikot's Treasury" loan campaign.
- Promotional activities were carried out mainly on social media by Janusz Palikot, a member of the company's management board.
- The President of the Office of Competition and Consumer Protection issued a decision imposing a fine on Janusz Palikot – PLN 950,000. PLN and the Polish Distilleries managed by him – PLN 239,000. zloty.
In the proceedings, the President of the Office of Competition and Consumer Protection, Tomasz Chróstny, brought 6 charges against Polskie Destylarnie for violating the collective interests of consumers. He also established the liability of Janusz Palikot, a member of the management board of this company, for contributing to the violation of the law.
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Doubts concerned the "Skarbiec Palikot" loan campaign, under which consumers could pay money to grant the company a loan for its further development. Promotional activities were carried out mainly on social media by Janusz Palikot – a member of the company's management board, who personally encouraged people to get involved in investments, organizing, among others: webinars for potential investors. After just 6 weeks, the company stopped paying interest on loans granted by consumers and ended the lending campaign.
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False information about market position and achievements
In order to authenticate their situation and encourage donations, Polish Distilleries provided false information on the scale of their operations on their website.
The company boasted that it was "the leading Polish producer of ethyl alcohol", and its customers included entities from the pharmaceutical industry, fuel, chemical and cosmetics concerns. These claims were false.
The misleading information also concerned the potential profits from the investment. "You will also benefit from the increase in the value of Janusz's companies – up to 50% of the profit that Skarbiec Palikot will generate after the fifth year of operation will go to the project participants", "Skarbiec Palikot will bring together Janusz Palikot's alcohol businesses," the company's advertising materials argued.
Even though the only borrower under the "Palikot Treasury" was Polskie Distylarnie, the company suggested that consumers would be able to participate in the profits of a wider group of companies. It also boasted of a larger range of alcohols than it actually produced, as well as distinctions and medals awarded to other entities.
False information also concerned financial data. "We had 56 million in 2022, we plan 140 million in 2023" – this is how Janusz Palikot informed during one of the webinars about the turnover that the project he organized was to generate. He suggested that these were financial data of a borrower of the "Skarbiec Palikot" campaign. Meanwhile, as established by the Office of Competition and Consumer Protection in the course of the proceedings, the turnover of Polish Distilleries in 2022 amounted to – PLN 0.
Defunct loan crowdfunding
When advertising the "Skarbiec Palikot" loan campaign, Polskie Distilleries described it as "crowdfunding" and "loan crowdfunding". The materials emphasized Janusz Palikot's experience and successes in raising capital this way: "The master of crowdfunding
Over PLN 140 million – this is the amount that Janusz Palikot and the company he manages and the managers gathered around him obtained thanks to various types of crowdfunding projects. In fact, the company was misleading because the so-called Crowdfunding Act.
However, such information did not appear in any advertising material – it was only found in the final part of the Project Charter in the Disclaimers section. By concluding loan agreements as part of the "Skarbiec Palikot" campaign, consumers did not participate in crowdfunding within the meaning of this Act, as the collection did not meet the conditions specified therein. As a consequence, the consumer was not covered by statutory protection when entrusting money to the company.
In accordance with the regulations, the crowdfunding collection is supervised by the Polish Financial Supervision Authority. Such activity is subject to the requirements applicable to traditional capital market institutions. The organizer must have, among others: own capital and ensure an appropriate standard of protection of investors' funds. After a specified period of time, the loan is returned to the consumer with interest.
Money from consumers spent to cover debts
For new assets and rights of the borrower, for specific purposes related to co-financing the operating activities of Polish Distilleries – this was to be the main purpose of spending consumer loans. Meanwhile, the money was not spent in the manner suggested in the contract. In fact, Polskie Distilleries – contrary to the original declarations – rolled over their debts, directing significant funds to entities related to Janusz Palikot.
Not informing about the risks and only presenting the benefits of the investment
The President of the Office of Competition and Consumer Protection questioned the emphasis on benefits in advertising materials and the omission of information about the investment risk, which may include the loss of even all the borrowed money. The messages suggested a guarantee of profit and security of entrusted funds – for example: "You invest, you earn, you protect your money against inflation, and at the same time you help internationalize our company."
The business model of Polish Distilleries did not provide consumers with any certainty or guarantee of profit payment. According to the agreement, Janusz Palikot's company was the sole administrator of the money and decided what it would be spent on. No real security for the borrowed money was offered to consumers in return.
Fictitious competition
Trips to New York, Paris, Marrakech and a stay at Janusz Palikot's estate and a luxurious Rolls-Royce Ghost car – this was the prize pool waiting for people who would lend money to Polish Distilleries and submit new names for the company's alcoholic products. This was the main content of advertising materials. Meanwhile, the winners of the competition have not been selected and no prizes have been awarded.
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The Office of Competition and Consumer Protection imposes financial penalties, but the decision is not final
The President of the Office of Competition and Consumer Protection imposed financial penalties on Polskie Distilleries for misleading consumers – PLN 239,000. PLN and for Janusz Palikot – member of the company's management board – 950 thousand. PLN because he intentionally violated consumer rights.
Polish Distilleries must inform investors about the decision issued by the President of the Office of Competition and Consumer Protection by e-mail and by letter. The announcement will also appear on Janusz Palikot's accounts on Facebook and Instagram.
The decision is not final and both the company and its manager may appeal against it to court.
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