Warsaw (Puls Biznesu) – NIK, the Supreme Chamber of Control is going to check the chemical industry. Foreign investors should worry.
In Spring, Pawel Szalamacha, the deputy Minister of the Treasure, applied to control the privatization of the chemical industry. The Supreme Chamber of Control (NIK) refused to do it due to many other obligations. However, it said now it could conduct such an investigation next year. It may turn out to be key information for Tarnow, Kedzierzyn, Zachem and Sarzyna – the chemical companies whose 80 percent stakes were supposed to be sold by the Ministry of the Treasure. The politicians may not dare it before NIK’s control.
At the end of March, Ciech and German Petro Carbo Chem (PCC) bought the four companies. Both investors still wait for the government’s approval to finalize the transactions. PCC needs also the approval of the competition authorities UOKiK. The agreement between Nafta Polska, the state-owned enterprise founded to privatize the chemical sector and PCC ends in November while the agreement with Ciech in December. NIK has not ended the control of the process of preparing the companies for the privatization yet.
“We are implementing the agreements according to the agenda. We do not consider a possibility of prolonging the deadlines, and there are no such hints from the government. The most important is that the privatization decisions are clear”, Artur Zawartko, Nafta Polska deputy CEO said.
He warned that investors could expect different conditions in a year or two because the situation of the companies is not as good as it was a year ago. Wojciech Lubiewa-Wielezynski, the head of the Polish Chamber of the Chemical Industry also believes that the companies would be adversely affected if the privatization was postponed, especially Zachem and Kedzierzyn which need immediate investment and support.
“Besides the government should comply with the privatization agreement not to have to pay out damages. The government has the right to say ‘no’ but without unnecessary delays”, Wojciech Lubiewa-Wielezynski stressed.