Polish subsidiary of Novatek sells assets to employees

WARSAW, Oct 6 (PRIME) -- The assets of Novatek Green Energy, a subsidiary of Russian independent gas producer Novatek, have been sold to GELEO, a company created by the subsidiary’s employees, Novatek Green Energy said in a statement on Friday.

Poland introduced mandatory administration at Novatek Green Energy in the autumn of 2022. Novatek CEO Leonid Mikhelson called it a robbery and said that the company filed suits to the Polish and European courts.

According to the statement, Novatek Gas & Power GmbH – the sole shareholder of Novatek Green Energy – sold its entire stake to Polish company GELEO, which was created by the employees of Novatek Green Energy with the goal of buying back the company.

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