Fertilizer producer Akron to challenge Poland’s decision on Azoty shares
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“PJSC “Akron” considers the imposition by the Ministry of Development and Technology of this country of temporary compulsory administration of three of its subsidiaries in order to transfer ownership of the shares owned by these companies in the Polish company Grupa Azoty as a gross violation by the Polish authorities of the norms of international law and national legislation,” – said in the message.
Akron called this decision a robbery and plans to challenge it in international arbitration, as well as in the courts of Poland and the European Court of Justice.
In addition, the company said that a former member of the board of directors of the oil refinery PKN Orlen SA was appointed as an interim share manager, which could lead to a conflict of interest, the company stressed. They clarified that in some markets Orlen acts as a fertilizer manufacturer and therefore is a direct competitor to Grupa Azoty and PJSC Akron.
The decision to transfer shares to Azoty was announced by the Ministry of Development and Technology of Poland on July 11. The purpose of this event is the sale and re-registration of securities, explained in Akron. The company has held a 19.82% stake in Azoty since 2012. Since then, the fertilizer producer has acted as a portfolio investor. The largest shareholder of Grupa Azoty is the State Treasury of Poland (32.05%).
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