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The sum is colossal: Chemchina took over the Swiss agrochemical group for 43 billion dollars Syngenta, It is to date the largest overseas purchase by a Chinese company. At the conclusion of the agreement, noble intentions were announced: Syngenta's headquarters remain in Basel and research will not be restricted. "Syngenta remains Syngenta," promised the new chairman of the board, Ren Jianxin.
But Ren is now part of the story, replaced by Sinochem's chairman, Ning Gaoning. Despite all the previous denials swallowed up this summer, the state conglomerate Sinochem Chemchina hardly felt that the agreement had been reached in Switzerland with dry towels. And the promise "Syngenta remains Syngenta" is making more and more fun for some 28,000 Syngenta employees.
Now it's Seco's turn
Because the new owner of the Far East is knausrig. Thus, the group refuses to pay today, a profit share promised in 2017 of a total of $ 15 million. The Swiss workforce is worth $ 2.5 million. The case now employs the State Secretariat for Economic Affairs (Seco). Because Unia has called the Federal Office of Appointments. "The payment has been promised, we can send letters," says Blaise Carron, head of Syngenta at Unia.
There was always great confidence: Ren Jianxin (left) and Michel Demare after the Syngenta acquisition by Chemgina in June 2017. (Photo: Keystone)
At the time Syngenta was still an independent listed company, there was a generous stock option plan for employees: each employee was able to buy Syngenta shares for 5,000 francs and the group took back half, or 2,500 francs.
$ 1200 per employee
End of 2016, while the acquisition by Chemchina was about to end, Syngenta management wanted to rebuild the investment model: employees were to receive 2% of annual profit instead of shares . It made sense because Syngenta had been removed from the stock market. For the 2017 transition year, the Group is committed to pay at least $ 15 million to its employees. In Switzerland, each employee is expected to receive $ 1,200.
"The money has to be paid whether Syngenta makes a profit or not," says Carron, Unia's representative. In two e-mails at the end of 2016, the management confirmed the payment. However, Unia does not wish to make e-mail traffic public in order not to put all the cards on the table in advance in the next dispute settlement procedure with the Federal Office of Arbitration.
The mega takeover did not initially develop for Chemchina, as hoped. In 2017, Syngenta announced a loss of just under $ 100 million. This is due to $ 1.6 billion in provisions for a costly US lawsuit for selling genetically engineered corn to US farmers. There was no import authorization for this corn on the main Chinese market.
Employees continue to wait for their money
In any case, the Chinese owners of Syngenta no longer seem to want to remember the old promises made to employees. No profit, no money, that is the motto. Thus, Swiss Syngenta employees are still waiting for $ 1,200 for 2017.
"We will not comment on internal and confidential discussions about the compensation of our employees," said a spokesman for Syngenta on request. "These discussions were and will always be one thing: private."
Skepticism is rising
According to Seco, there is still no date by which the settlement will address Syngenta's millionaire conflict. Seco is currently reviewing whether the conditions of a state-facilitated conciliation procedure are met, the office said.
For Unia, the dispute over the special distribution to employees casts a negative light on how the new owners of the Far East are dealing with manpower. "If they do not even keep that promise, what are the other values?", Asks not just Unia's representative, Blaise Carron.
(Tagesanzeiger.ch/Newsnet)
Created: 27.11.2018, 16:05
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