30 September 2022, Friday, 21:43
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Belarusian Companies Under Sanctions May Be Nationalized In Poland

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Belarusian Companies Under Sanctions May Be Nationalized In Poland

And later sold.

The Polish Sejm passed a draft law on compulsory management for companies on the sanctions list. Now the president will sign it. After that, such companies will be able to sell or expropriate them to the state property with compensation to the owner, reports Prawo.pl.

The draft law, amending the law on sanctions, entitles the Polish state to appoint a manager of the company under sanctions, located in Poland. Such a manager would run the company and prepare it for sale or expropriation by the state.

It is about companies under sanctions due to the situation in Belarus, due to the participation of Russia and Belarus in the aggression against Ukraine, and actions that threaten the territorial integrity, sovereignty and independence of Ukraine.

Forced management will not necessarily be introduced for all such companies. The decision is made by the Minister of Economy. Such management may ensure the functioning of an enterprise, preserve jobs, perform socially important functions, to protect state interests or national security. It is also up to the Minister of the Economy to decide whether the company will be sold or expropriated, that is, become public property.

Expropriation will apply only in exceptional cases when it is in the interest of the state. In this case, the owner will receive compensation for all seized assets and property at market price, based on the evaluation by an independent agent. But the compensation will go to the owner's frozen account.

One will sell the sanctioned companies with the consent of their owners. If there is no consent, the manager will go to court. Priority in the right to buy will be given to companies with more than 50% ownership by the employees of the company being sold.

The compulsory managers will be appointed for up to six months with the possibility of prolongation up to one year. Their work will be paid by the sub-sanctioned enterprise in the amount determined by a contract with the Minister of Economy.