Poland freezes Russian oligarch’s shares in Grupa Azoty

The Polish government has appointed a temporary administrator to seize Russian oligarch Vyacheslav Kantor’s stake in the state-controlled chemicals maker Grupa Azoty, according to officials. 

Polands Development and Technology Minister Waldemar Buda.

Poland’s Development and Technology Minister Waldemar Buda.PAP/Paweł Supernak

The move was announced by Poland’s Development and Technology Minister Waldemar Buda on Tuesday, Polish state news agency PAP reported.

Kantor, a fertiliser tycoon, owns a 19.82-percent stake in Grupa Azoty, making him the second-biggest shareholder after the Polish state which owns 33 percent of the chemicals group, the Reuters news agency reported.

Buda told reporters on Tuesday: “There is no room for capital linked to Russian authorities in Poland,” as quoted by Reuters.

The development and technology minister said the temporary administrator would be tasked with finding a partner to take over Kantor’s shares in Grupa Azoty and pay compensation for this equity, the money.pl website reported.

The compensation payout will remain frozen, according to Reuters.

Last year, Poland appointed a temporary administrator to take control of the Polish capital owned by Gazprom and the gas firm Novatek, news outlets reported.

In April 2022, Poland imposed sanctions on 35 Russian firms, including the energy giant Gazprom, and 15 individuals over the Kremlin’s full-scale invasion of Ukraine. 

The Polish government said at the time that the main punitive measure would be “a freeze on the finances and wealth” of the listed entities.

In addition, “they will be excluded from public tenders, while oligarchs will be barred from entering our country,” officials told reporters.

The list included Acron Group, one of the world’s leading fertiliser makers,  and its CEO Kantor, the PAP news agency reported at the time.

Russia invaded Ukraine on February 24, 2022, launching the largest military campaign in Europe since World War II.

(pm)

Source: PAPmoney.pl, Reuters 

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