Sulzer to Wind Down its two Entities in Poland
Sulzer will use all legal means to dispute the decision, but is nonetheless forced to wind down the entities with immediate effect. It is Sulzer’s firm belief that the sanctions against its two entities in Poland are erroneous.
Sulzer’s urgent request for removal from the Polish sanctions list, based on an OFAC (Office of Foreign Assets Control) license granted in 2018 clearly confirming that there is no control by Mr. Vekselberg over any Sulzer Group entities, including Sulzer Pumps Wastewater Poland and Sulzer Turbo Services Poland, was denied yesterday evening by the Polish Interior Ministry. The decision was based on an interpretation under Polish law of the sanction regulations that were unilaterally introduced by Poland.
Sulzer will use all legal means under national and international law to remove its entities from the sanctions list. However, due to the company’s inability to conduct its business as a result of the sanctions, Sulzer is forced to wind down its two Polish entities with immediate effect.
Sulzer has 192 employees in its two Polish entities, all of whom are affected by the closure, along with revenues of CHF 21.5 millions that will be impacted, representing 0.6% of total sales in 2021.
Sulzer confirms that the company has not been sanctioned in any other country, and Sulzer is not affected by any other sanctions. The Polish interpretation of sanctions regulations against Mr. Vekselberg therefore runs contrary to all other existing sanctions regimes as recognized under international law.
Source: Sulzer Ltd.
