Court decision stops SSC from joining Polski Cukier

A civil court has frozen the shares in Silesian sugar concern Slaska Spolka Cukrowa (SSC), in response to a request from Saint Louis Sucre (SLS). The French company had agreed almost a year ago to buy the 16 Southwestern refineries belonging to SSC, but the takeover was delayed, initially by bureaucratic wranglings and more recently as a result of plans to form a giant sugar holding, Polski Cukier. The court's ruling gives SLS time to come to terms with the Interior Ministry, which opposes the sale. However, it is expected that a higher court will have to rule, probably by the end of September, if the foreign investor has the right to purchase the property of SSC without the ministry's permission. In the meantime, SSC shares will not be taken over by Polski Cukier. According to SSC president Adam Sebzda, the firm needs an investor in view of its financial plight, with its liabilities now amounting to over zl.450 million. (Puls Biznesu, p. 3) A.Z.