Pol-Mot Holding is the largest shareholder of the Ursus agricultural machinery manufacturer (also in bankruptcy), as well as the Pol-Mot Auto dealer network, in which the rehabilitation procedure is being conducted. Due to the financial problems of both companies, it was the court that declared the bankruptcy of Pol-Mot Holding.
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Przedsiębiorstwo Handlu Zagranicznego Pol-Mot was founded in 1968. The aim of the entity was to service foreign contracts of the Polish automotive industry. It was thanks to the efforts of Pol-Mot in the early 70s of the last century that an agreement was signed with the Italian concern, and the popular Polish “Baby“.
In the 1980s, Pol-Mot first turned into a company, and then was privatized. The company mainly operated in the automotive industry – sales cars Fiat brand, Skoda, PeugeotOpel, Nissan, Chevrolet. In the meantime, the company’s activities were expanded to include sectors such as biofuel production, real estate construction, and the hotel industry. For some time, the Pol-Mot company was even a shareholder in the Legia Warszawa football club. In 2011, the company took over Ursus from Bumar.
The first problems started in 2018, when the Ursus share price dropped drastically and the company was unable to make up for the deepening loss. Recently, several attempts have been made to rescue the companies that are part of the holding, but none have been successful.
In the meantime, Pol-Mot Holding guaranteed a loan for Ursus in the amount of over PLN 5 million. In July last year, when the Warsaw court declared Ursus bankrupt, his debts exceeded PLN 395 million. Then Getin Noble Bank demanded that Pol-Mot Holding repay the debt. Ultimately, the case was brought to the court, which had just issued a decision declaring the company bankrupt.
The president and majority shareholder of Pol-Mot Holding, Andrzej Zarajczyk, in an interview with the media only announced that he intended to file a complaint against the bankruptcy decision. Meanwhile, the company’s stock market plunged around 30 percent.
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