Credit rating agency S&P on April 24 suspended the B/B rating of major Polish debt recovery firm GetBack, which listed on the Warsaw Stock Exchange last year. Last week, Fitch downgraded the embattled company's ratings by two notches, adding to worries about its outstanding $520mn debt.

The Polish Financial Supervision Authority (KNF) filed a notice to the national public prosecutor’s office about the suspicion of crimes committed by persons representing GetBack.

Last week the troubled company claimed it was in talks with the state-owned Polish Development Fund (PFR) and WSE-listed lender PKO Banka Polski on up to PLN250mn (€59mn) in credit and investment financing, though both PFR and PKO BP quickly denied it.

The KNF initiated proceedings against GetBack for a possible breach of complying with reporting rules and has launched an inquiry into the company's Q1, Q2, and Q3 earnings reports. "The findings indicate doubts as to the reliability and quality of disclosures regarding the liquidity risk incurred by the Issuer and its capital group," the PFSA said in a statement.

The authority has signaled that a decision on the future of GetBack shares will be taken after the company publishes its annual report for 2017, scheduled for release on April 30.

According to Polish press reports, up to 10,000 Polish retail investors and some 180 financial institutions might have exposure to GetBack's bonds. The value of bond issued by the company amount to near PLN2.6bn, the KNF said. The company's shares, which debuted on the WSE last July, have plunged more than 90% since October.