11
Sun, Apr
64 New Articles

The Buzz in Poland: Interview with Rafal Rapala of Kochanski & Partners

The Buzz in Poland: Interview with Rafal Rapala of Kochanski & Partners

Poland
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

According to Rafal Rapala, Senior Partner at Kochanski & Partners, recent developments of interest in the Polish economy include, among other things, several investments by the state-owned Orlen oil company in several regional daily newspapers. This is another step in expanding the company’s portfolio beyond traditional fuel production and distribution, following its 2020 acquisition of Ruch, one of Poland's biggest kiosk and press distributing companies.

The government’s plan to impose additional taxes on various media – a so-called “ad tax” – is proving controversial, Rapala reports. “Last week all privately-owned Internet portals and radio and TV stations stopped broadcasting for one day,” he says. “The scale of the negative response from the media was tremendous – it was odd to see black screens on virtually every channel.” As a result of the pushback, Rapala believes that the government might step back from the idea.

Although the Polish economy is relatively stable, Rapala believes that the country is not developing as fast as it could. In addition, he says, some industries have taken noticeable hits – particularly the real estate sector. “Our office space market was booming before the pandemic, but lately there has been a drop in both the volume of construction projects and the rent prices.”

Recent changes to Polish legislation may also be cause for concern. “A new draft of the Commercial Companies Code has recently drawn attention,” Rapala says, who notes that, if passed, the law could be problematic, as it would allow holding companies to syphon funds, without liability, out of their subsidiaries until the brink of insolvency. The troubling part, he says, is that management boards, except in narrowly defined cases, would not be able to refuse the instructions of their holding companies. “Since such a solution would be detrimental to the minority shareholders, we decided to take action,” Rapala says. “Kochanski & Partners is a member of several think tanks and Chambers of Commerce, which are very active in evaluating legislation,” he says. “I was a member of the panel of experts which presented several amendments of the draft to the Ministry of State Assets of Poland. Among other things, we proposed that, should the holding company change the articles of association of its subsidiary and thus jeopardize the minority shareholders, they should be allowed to exit the company.” According to him, the ministry accepted the proposal.

Poland Knowledge Partner

Penteris is a law firm combining in-depth expertise, robust advice, and a pan-regional reach.

We provide full-service business law advice within five sector lines: Energy & natural resources, Financial institutions, Private equity, Real estate, and Retail.

On the market since 2001, we were originally part of a Scandinavian law firm and then a founding office of a pan-Baltic organisation.

Our attorneys will work closely with you, providing you with the hard skills, service-minded know-how, and legal expertise that will keep you secure while you lead the market.

Our skills are at your disposal:

  • Expertise and passion wrapped up in a personal service
  • Close-knit team providing a multidisciplinary approach
  • Ability to listen, understand, and deliver for the tangible benefit of the client.

The team continues to be internationally recognised year on year, most recently by Chambers Global 2020, Chambers Europe 2020, and The Legal 500 EMEA 2020.

Firm's website: https://penteris.com

Our Latest Issue