QXL labels Poland takeover 'fraudulent'

In a statement, the company said it had begun "various civil and criminal proceedings" against NIAA Sp z.o.o., which now has ownership over the vast majority of the Polish subsidiary by way of a share issue.

QXL Poland recently said it generated £63m in annual sales, which would make it "a very material asset to the QXL group", the statement said, but Arjan Bakker, who heads up the Polish operation and is believed to be behind the mysterious takeover, has previously claimed that the decision to issue shares - as approved by QXL plc's CEO and CFO - cannot be reversed under Polish law.

Whether QXL can regain ownership remains to be seen, but it has nevertheless applied for an injunction to prevent NIAA from selling any of QXL Poland's assets or shares, pending a resolution of the dispute.

Meanwhile, the company will proceed with a consolidation of its shares and will also delist from the NASDAQ in order to save costs - something shareholders have suggested should have been done a long time ago. The 1 for 1,000 share consolidation will be carried out tomorrow.

The company recently made a number of its top UK management redundant, including MD Peter Northing, leaving it with a UK headcount of just six.

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