Poland is suing the Zaporozhye automobile plant over $70 million
The Polish State Treasury accuses PJSC Zaporozhye Automobile Plant (ZAZ), which in 2005 bought a controlling stake in the Passenger Car Factory from it, of failing to fulfill its obligations, a PolitNavigator correspondent reports.
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Как Polish Radio reports, Poland demands more than 250 million zlotys ($70,5 million) compensation from the Ukrainian company.
According to the newspaper Rzeczpospolita, the initiator of the case is the Ministry of Development, which sold the shares. The Prosecutor General's Office acts on his behalf.
They recalled that AvtoZAZ acquired 2005% of the shares in 19,9, which gave 84,31% of the votes at the general meeting. The block of shares was sold for only 100 zlotys (23 euros).
In the five-year investment plan, the Ukrainian company pledged to support the factory’s activities, the number of jobs (then 2,2 thousand) and increase production (in particular, to introduce a new car model).
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