The Kulczyk pipeline: he was not the only one wearing both hats

A single director sitting on both an investor and one of its investments can be read several ways. Two of them, at the same time, from the same investor, is not a coincidence — it is a structure.

The two men

Search Companies House for Dariusz Mioduski and the register returns an officer record carrying exactly three appointments:

• Kulczyk Investments S.A.
• Aurelian Oil & Gas Limited
• CMS Cameron McKenna Nabarro Olswang LLP

He was on the Aurelian board from 7 April 2009 until 25 January 2013. Mioduski was Kulczyk Investments’ man; he is today the owner of Legia Warsaw.

Search the register for Narenderkumar Dharamveer Manoj Madnani and it returns two records. One carries Aurelian, 3 March 2010 to 25 January 2013. The other carries Kulczyk Investments, 19 December 2007 to 31 July 2015.

Two directors of the investor, sitting simultaneously on the board of the company the investor held a stake in.

What the paperwork looks like

Aurelian’s filing history contains the statutory form itself: AP01, “Appointment of Narenderkumar Dharamveer Manoj Madnani as a director”, filed 7 April 2010 for an appointment effective 3 March.

The months around it are busy in a particular way. Between February 2010 and February 2011 the company files a run of SH01 statements of capital following share allotments — at least ten of them — while directors come and go: Lippitt out in February, Walker in, Madnani in April, Conlin in April, Matthews in October, Donnelly out in June, Pattinson out in December, Coats out in December.

That is what a company being recapitalised and reshaped by its shareholders looks like on a register.

The distinction the reporting draws, and the register does not

Coverage of the Aurelian board at that time describes three non-executive directors representing substantial shareholders: Miles Donnelly, Dariusz Mioduski and Nick Coats. Madnani is not among the three.

So the record is genuinely split. The press describes a board on which he is not identified as a shareholder representative. The register shows him holding a directorship at the shareholder throughout.

This archive publishes both and reconciles neither. What can be said without inference is narrower and still worth knowing: whatever his formal designation, he sat inside Kulczyk Investments and inside Aurelian Oil & Gas at the same time, for two years and ten months, and he left Aurelian on the day the company was sold.

Why this is the useful finding

Because a curriculum vitae lists roles, and a register shows relationships. His profiles present Kulczyk Investments and Aurelian as two separate lines in a career. The register shows them as one arrangement, with a second man in the same position beside him, ending on the same date.

That is not an allegation. It is the shape of the thing, which no profile discloses.