Maga Foods could go bankrupt over sanctions

Maga Foods could go bankrupt over sanctions

Maga Foods was sanctioned despite having no ties to Russia. Its bankruptcy would mean 200 people losing their jobs.

This week, the government announced a list of 50 Russian oligarchs and their affiliated companies that do business in Poland. The list also included Maga Foods, a company that produces vegetable salads. It was recognized as an entity indirectly controlled by one of the oligarchs – Mikhail Fridman. Michał Pawiński, president of Maga Foods, assures that the company has no connections with Russian capital. It belongs to the Dutch Signature Foods group. Its owner is Erik Bras, a Dutch citizen. However, until earlier this year, part of Signature Foods’ shares belonged to a fund owned by Mikhail Fridman. However, after Russia invaded Ukraine, Erik Bras bought out the shares from the Russian oligarch.

The company became subject to all possible restrictions. No funds or economic resources can be made available to it either directly or indirectly. Its assets and resources have been frozen.  The company’s operations have been completely blocked and its raw materials have a shelf life of two weeks. Paw Pawinski says that if the situation does not clear up in the next few days, the company will have to file for bankruptcy. Then 200 people, mostly Ukrainian citizens, will lose their jobs.



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