Acron says to contest Poland's Azoty stake expropriation

MOSCOW, Jul 13 (PRIME) -- Russian fertilizer producer Acron plans to contest Poland’s decision to expropriate a 20% stake in its affiliate Azoty Group, the company said in a statement on Thursday.

"JSC Acron qualifies introduction of a temporary forced management on three Acron affiliates with the aim of cession of property rights for Poland's Grupa Azoty of these affiliates by the Economic Development and Technology Ministry of Poland as a severe violation of the norms of international and national legislation," Acron said.

Acron added that it would contest the decisions in courts of Poland, the E.U. and in international arbitration courts.

Economic Development and Technology Minister Waldemar Buda said on Wednesday that Poland would introduce mandatory administration over a 20% stake in Azoty Group with the aim of its further withdrawal.

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