Azoty Group notifies prosecutor of suspected crime

Listed chemical group Grupa Azoty has notified the public prosecutor's office of a suspected offence relating to non-competition of managerial staff, the company said in a press release. It is a suspicion of bringing a direct threat of causing significant property damage in the amount of nearly PLN 500,000 (EUR 116.9k).

As stated, some of the indicated agreements were signed after October 15, 2023, i.e. at a time when the Azoty Group had been recording record levels of net losses for several quarters.

Azoty pointed out that the issue was the irregularities identified by the audit in the process of concluding amended post-employment non-competition agreements with key managers (directors) in the second half of 2023, in breach of internal regulations, identified irregularities in the company's documentation and in circumstances suggesting acting in the financial interest of those concerned themselves, and to the detriment of the company.

In accordance with the recommendation of the management board of the Azoty Group, audits are being carried out in the capital group on the functioning of the group companies in recent years.

The audits have to do with, among other things, the record levels of losses the group has recorded since the fourth quarter of 2022, the lack of implementation of effective corrective measures, investments made and contracts entered into.

gaw/ ao/