KNF launches probe into Azoty share purchases

Image : Grupa Azoty

The Polish Financial Supervision Authority (KNF) said on Friday that it has started proceedings against several companies regarding the holding of shares in Poland’s largest chemical firm Grupa Azoty.

The KNF said that it suspected violations regarding the purchase of Grupa Azoty shares by Luxembourg-based Norica Holding and two Cyprus-registered entities, Vertco Ventures and Omana Holdings.

Norica Holding is a company related to Russian chemical group Acron. The Russian holding currently controls 20 percent in Grupa Azoty.

The financial watchdog has also launched similar proceedings against Raiffeisen Bank Polska with regard to ownership in Grupa Azoty shares.

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