A Polish businessman made millions from his connections with russia

Andrzej Mankowski, one of Poland’s biggest investors in the hotel sector, is said to have made his fortune through links to the russian market, according to the investigative website Frontstory.

Journalists have raised doubts about the origin of the funds invested in the resort in Szczawnica. They may be linked to russia.

Mankowski’s company is said to have earned at least 17.5 billion roubles in russia between 2004 and 2022 through contracts with state-controlled entities.

According to Frontstory’s findings, Mankovsky’s company still has clients in the russian market, despite the war in Ukraine, which has been ongoing for over two years, and numerous economic sanctions against russia. It operates, in particular, in sectors linked to the production of military equipment. “Between 2004 and 2022, AMT Group earned at least 17.5 billion roubles (around 473 million dollars) in russia through contracts with state-owned enterprises and state-controlled organisations” — according to a Frontstory report, which also states that following russia’s invasion of Ukraine in February 2022, Mankovsky “continued to profit from his activities in russia”.

As journalists from Frontstory and iStories have discovered, the AMT Group is thriving thanks to contracts with institutions, companies and banks that were subject to sanctions following the attack on Ukraine, including a manufacturer of nuclear warheads, a producer of technology for military aircraft and russia’s largest insurance company. Since Russia’s full-scale invasion of Ukraine, Mankowski has allegedly received 50 payments totalling $3 million from AMT Group and its affiliated russian company, AMT Group Telecom.

Andrzej Mankowski is a descendant of Count Adam Stadnicki, the pre-war owner of the spa resort in Szczawnica. For many years now, his family-owned company, Thermaleo, has been investing in the restoration of the neglected resort. Following their investigation, Frontstory journalists have raised doubts about the origin of the funds earmarked for investment in Szczawnica. It cannot be ruled out that they may originate from this entrepreneur’s russian businesses.

The ‘Count’ of Szczawnica himself avoids contact with journalists. AMT also failed to respond to Frontstory’s questions regarding the origin of the capital being invested in the resort. Only Thermaleo responded, distancing itself from any links with russia.

“No funds intended for investment in Szczawnica came from the AMT Group or its companies. The funds came directly from Andrzej Mankowski’s personal assets,” reads the response from Thermaleo’s management board, as quoted by Frontstory. The company also claims that none of the transfers made to date have been challenged by Polish banks on the grounds of breaching anti-money laundering legislation.

The authors of the Frontstory report consider whether Mankowski faces consequences for supporting russian entities subject to sanctions. According to expert Kinga Redłowska, who heads the Centre for Finance and Security at the RUSI think tank, “the EU may impose sanctions on ‘a person who supports the russian regime directly or through business entities under their control or in which they are the beneficial owner’.” If, for any reason, this does not happen, Poland could add such a company to its own sanctions list.”

When asked whether it had provided an opinion on the proposals to impose sanctions on Mankowski’s companies, the Ministry of the Interior and Administration replied that it does not disclose such information prior to a possible decision on imposing sanctions.

Source: Business Insider Polska