2024-09-10 13:53 update: 2024-09-11, 20:22
Photo: PAP/Marcin Bielecki
Poland's biggest fertilizer producer has notified prosecutors in Tarnow, a city in southeastern Poland, of a suspected misuse of powers and the negligent supervision of contracts by the former management of the company.
The company allegedly continued to sign advertising and sponsoring contracts despite a ban on non-critical expenditures imposed on the company due to its difficult financial situation, in breach of its internal policies and legal regulations. The inappropriate actions resulted in losses amounting to several million zlotys, Grupa Azoty wrote in a press release on Tuesday.
The management board of the company, in which the state holds a controlling stake, was replaced after the change of government that occurred after the parliamentary elections last autumn.
"Over several months in 2023, more than seven and a half million Polish zlotys (EUR 1.75 mln - PAP) were spent on sponsorships, advertising and donations, even though Grupa Azoty urgently needed a recovery plan and an immediate freeze of such spending," President of Grupa Azoty Adam Leszkiewicz was quoted as saying in the release.
The company has announced that it is presently conducting an audit of its business operations from over the past few years, in accordance with a recommendation from its management board. (PAP)
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