Sulzer sanctioned in Poland over Vekselberg ties
16/05/2022 06:06
ZURICH, May 16 (Reuters) - Sulzer SUN.S has to temporarily
suspend the activities of its two legal entities in Poland due
to sanctions levied by the Polish government on minority
shareholder Viktor Vekselberg, the Russian businessman, the
Swiss engineering group said.
"The potential impact on sales, if the suspension were to
last, is limited to 21 million Swiss francs, representing 0.6%
of Sulzer's total sales in 2021," the group added https://www.sulzer.com/en/shared/news/220516-sulzer-business-in-poland-impacted-by-local-sanctions
in a statement.
"The Polish sanctions apply to Sulzer's minority
shareholder, Viktor Vekselberg, and have been expanded over
Sulzer's two Polish entities, even though Mr. Vekselberg has no
control or ownership of any Sulzer entity and is deprived of all
his economic rights at Sulzer. The company is not sanctioned in
any other country or legal entity and is consequently able to
continue to develop its business globally," it said.
(Reporting by Michael Shields, Editing by Rachel More)
((Michael.Shields@thomsonreuters.com; +41 41 528 3630; Reuters
Messaging: michael.shields.thomsonreuters.com@reuters.net))