Sugar mire deepens
A Torun court has secured the shares of sugar refineries belonging to the Masurian & Kujawy sugar company MKSC and has ruled that they cannot change hands until its investigation is complete.
In doing so the court recognised that Nordzucker had signed a purchase agreement with the treasury over one year ago but still has not received the shares.
The problem is the somewhat fanciful idea of a Polish sugar concern called Polski Cukier which has largely put the privatisation of the sector on hold. It is backed by nationalist MPs although no-one knows where the money for it is going to come from. Nordzucker fear that this holding may get its hands on the refineries which it has been promised.
Privatisation advisors Pro Invest recommended linking 25 refineries in the holding. In doing so they seek to limit the losses the company will inevitably make.
Tomorrow the cabinet is to examine the sugar project.