Grupa Azoty SA in Tarnów has filed a notice to the prosecutor's office regarding a suspicion of committing a crime in the matter of causing large-scale damage to the company consisting in leading to the establishment of, and actions and omissions concerning, suspected irregularities and illegal functioning of the Polish National Foundation (PFN), using multi-million funds originating from the Company, i.e. an act under Article 296 paragraph 3 of the Penal Code.
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The mineral fertilizer market in Poland. Has production fallen?
Grupa Azoty files a notice
– In the companies of the Grupa Azoty Capital Group, we are slowly finishing the first period of analysis of activities and management in recent years. This is particularly important in the context of the financial situation in which the Group has found itself since the second half of 2022. The difficult situation means that we have a special obligation to respond to any identified activities for which there is a suspicion of a crime. In the coming days and weeks, we will take similar actions in other areas. In the case of the Polish National Foundation, it is glaring that when it was established in 2016, an unconditional commitment was made for a period of 10 years to make total payments of PLN 45.5 million and there was no guarantee of the possibility of withdrawing from financing the Foundation, even if the financial situation of the Company deteriorated. Importantly, despite the record levels of losses reported by the Company in the last 6 quarters, no attempt was made to withdraw financing, and information about cases of mismanagement in the spending of PFN funds was available in the public space. The company has become involved in a multi-year, multi-million de facto sponsorship initiative, declaring funds for PFN’s operations, even though this legal form does not essentially serve sponsorship purposes for business entities – says Adam Leszkiewicz, President of the Management Board of Grupa Azoty SA.
In August this year, the Management Board of Grupa Azoty SA adopted a resolution authorizing the representative of Grupa Azoty on the Council of the Polish National Foundation to present the Company's position to the Foundation Council regarding the change in the voluntary nature of payments for 2024 and 2025 to the Polish National Foundation and to take steps to liquidate the Foundation.
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Grupa Azoty wants to play a significant role in ammonia imports to the European Union
Company debt
We have already written about the company's problems many times on farmer.pl. Among others, the debt, which currently amounts to PLN 10 million, and last year the loss amounted to PLN 3 million.
GA is undergoing restructuring and it is not an easy topic.
