The Polish government has appointed Russian oligarch Vyacheslav Kantor as the property manager of the countryʼs largest fertilizer producer Grupa Azoty.
This was reported by the Minister of Development and Technologies Valdemar Buda.
The Polish authorities will look for a partner who will buy the frozen share of about 20% of Grupa Azoty shares and pay compensation.
The temporary administrator must determine the market value of the securities, obtain permits for the transaction and reissue the securities.
"A new era is beginning. Step by step, we are eliminating the presence of Russians in the Polish economy. Either through independence from Russian energy resources, or through limiting Russian influence and capital," Buda emphasized.
Grupa Azoty is one of the largest chemical holdings in Europe, which specializes in the production of structural plastics, nitrogen and complex fertilizers, oxoalcohols and plasticizers. The group is the fifth largest producer of polyamides in Europe, the only Polish producer of polyoxymethylene and one of the leading producers of mineral fertilizers in the European Union.
- In 2018, the Russian Kantor was included in the American list of "people close to the Kremlin." Six years earlier, the oligarch tried to take over Azoty Tarnów. Then the Polish authorities took it as a hostile takeover and blocked the agreement. Later, by merging with Azoty in Pulawy, Grupa Azoty was created. Kantorʼs Acron Group owns 19.82% of Grupa Azoty. In March 2022, the businessman was subject to EU sanctions, due to which Grupa Azoty was also subject to restrictions. In the summer of 2022, Kantor transferred 45.1% of Acron shares to three top managers, formally ceasing to be the owner of a controlling stake. In 2021, he owned more than 94% of the shares of the Russian producer of mineral fertilizers Acron. Kantor has Russian, British and Israeli citizenship, previously held the position of chairman of the European Jewish Congress. Kantor, with a fortune of $11.3 billion, ranks 11th in the ranking of billionaires, according to the Russian Forbes.