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Russia – Ukraine. Grupa Azoty on penalties for the shareholder of a Polish company – oligarch Wiaczesław Kantor

Russia - Ukraine.  Grupa Azoty on penalties for the shareholder of a Polish company - oligarch Wiaczesław Kantor

The indirectly approved Wiaczesław Kantor owns almost a fifth of the shares of Poland’s largest fertilizer producer – Grupa Azoty. The assets of the Russian oligarchs have been frozen. As stated by the Polish company, this does not have a direct impact on the company’s operations. It also added that Kantor does not directly own any of the group’s shares.

Vyacheslav Musi Kantor is subject to European Union sanctions against Russia, which has invaded Ukraine since Friday. The Russians indirectly own 19.82%. Grupa Azoty stock. As Azoty said Monday, imposing sanctions on a minority shareholder does not result in any penalties being imposed on Grupa Azoty.

Cantor’s origins

The Polish news agency asked the company on Monday if Cantor’s assets would be frozen.

Wiaczesław Kantor’s asset freeze operates by law and applies to all entities involved in asset trading. An asset freeze in relation to funds, such as, for example, Grupa Azoty shares, is to prevent any movement, transfer, change, use, sharing or transactions of such funds in any way that would cause any change in their size or value, explained Monica Darnobit, spokeswoman. In the name of Grupa Azoty, the location, ownership, possession, nature, purpose or any other change that would make it possible to use it, including portfolio management.

She pointed out that “the freezing of Cantor’s assets does not have direct consequences for the company.” Wiaczesław Kantor does not directly own any shares in Grupa Azoty SA. Therefore, the deciding factor will be the behavior of companies located in EU countries (Cyprus, Luxembourg) that hold shares in Grupa Azoty SA and are also bound by the Council Decision (…) and the Executive Council Regulation (EU) (…) which imposed sanctions including Wiaczesław Kantor – said the spokeswoman.

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Wiaczesław Mosze KantorRonen Zevulun/EPA/PAP

She stressed that the asset freeze including Kantora operates under the law and applies to all entities involved in asset trading. – Therefore, the shares owned by Wiaczesław Kantor in all entities subject to EU law have already been frozen by law and are expected to be frozen by the entities that manage the trading of securities – she indicated.

When asked whether Cantor had been informed of the threat of sanctions, the spokeswoman replied: – Grupa Azoty SA learned about it – like all EU law entities – from the publication: Council Decision (…) and Council Regulation (EU). wrote that “as long as it is a shareholder of Azoty, they may have problems doing business with foreign partners, especially from the United States.” He added, citing his sources, that “the Polish government requested that the owner of Akron be blacklisted by the Russian oligarch.”

Group Azote

Earlier, Monday, the company announced that “Grupa Azoty has not been subject to any sanctions, neither in the European Union nor in the United States.” “There are no grounds for it to be subject to sanctions. We would like to stress that Grupa Azoty is not owned or controlled by the authorities of the Russian Federation or other sanctioned entities. Entities from the European Union, the United States or other countries,” said Grupa Azoty.

The company pointed out that the Grupa Azoty group complies with all sanctions regulations, condemns the aggression of Russia and all actions directed against Ukraine, and has no relationship with the Government of the Russian Federation, and therefore there is no risk of imposing sanctions on the company.

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“So far, the company has not received information about the change in the number of votes by Mr. Kantor, in accordance with the regulations set forth in Article 69 of the Public Offering Act,” the company added.

On Friday, April 8 of this year, the House of Representatives sent for further work in the Senate the Special Solutions Act in the field of countering support for aggression against Ukraine and work to protect national security. It is to impose sanctions on Russian oligarchs who have assets in Poland, including freezing their wealth.

Grupa Azoty is the largest producer of nitrogen and chemical complex fertilizers in Poland, and is also one of the largest recipients of natural gas. Its main shareholder is the state treasury, which owns 33 percent. Involved.

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Main image source: Group Azote

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