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Wednesday, May 22, 2024

Novatek Green Energy for sale

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The first company on the sanctions list will be put up for sale today. Polish authorities have developed procedures to ensure that the assets do not return to Russian control, writes Monday’s “Dziennik Gazeta Prawna”.

As the newspaper indicates, it is about Novatek Green Energy, which supplies gas to several municipalities in Poland. “It is a 100% subsidiary of the Russian gas company PAO Novatek. Since April last year, by decision MIAit was placed on the sanctions list.

He points out that subsequently – pursuant to the Act of 13 April 2022 on special solutions in the field of counteracting the promotion of aggression on Ukraine and to protect national security – a compulsory manager was introduced in the company (in October last year). Now, according to information from “DGP”, the government is preparing the next step – the sale of assets or the entire company. “Announcement of an open tender will be made today,” the paper states.

Sales procedure

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According to the daily, as the situation concerns an entity on the sanctions list, the government has developed separate procedures for the disposal of its assets. “With the help of the EY consulting company, we have prepared two procedures: transaction and sanctions. This is to protect us against a scenario in which assets are repurchased by entities from Russia” – explains the source of “Dziennik Gazeta Prawna”.

According to the daily, the transaction procedure will have a classic course, taking into account the so-called long and short list of bidders or due diligence. “At the long list stage, bidders will be screened, among others, in terms of ownership structure, geographical links (countries of registration and running a business) or the main three contractors of the investor” – he points out.

He adds that the new “sanctions procedure” will apply, among others, to: at the stage of the shortlist of bidders. “We will focus on the source of origin of the assets. The money allocated for this transaction will be examined, i.e. the original origin of the funds and in what period they were obtained by the investor” – says the source of the journal.

Application of the mechanism to other companies

According to the newspaper, the entire process of selling the assets is to be completed in October. The Polish authorities hope that the developed mechanisms will be applied to other companies on the sanctions list. “We are currently evaluating several cases, but it is still too early to talk about details,” says Waldemar Buda, Minister of Development and Technology, quoted by the newspaper.

Main photo source: Shutterstock



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