Poland says seizes Acron’s shares in Azoty Group

WARSAW, Jul 11 (PRIME) – Poland has introduced mandatory administration over a 20% stake in local chemical company Azoty Group that Russian fertilizer producer Acron owns with the aim of their further withdrawal, Economic Development and Technology Minister Waldemar Buda told reporters on Tuesday.

“A decision to introduce mandatory management of the shares of the companies, whose owner, participant, and shareholder is Russian national Vyacheslav Kantor, who we know as the co-owner of Azoty Group,” he said.

“Today is a historic moment, when we deprive him of these shares through introduction of mandatory administration. Starting from today, Russian capital and companies from Cyprus and Luxembourg are deprived of the right to vote with the shares. Today we are depriving him of the right to use the shares, while our goal is to deprive the Russian of the shares and of the firms he owns using a legal mechanism.”

The Polish legislation does not permit the deprivation, but Poland can compensate the price of the shares and then freeze the compensation, Buda said.

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