$ 1,200 promised – but not paid – economy



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The amount is very large: For $ 43 billion last year, Chemchina took over the Swiss agrochemical group Syngenta. This is the largest purchase date abroad by a Chinese company. At the end of the agreement, noble intentions were announced: Syngenta's headquarters remained in Basel, and research would not be controlled. "Syngenta is still Syngenta," promised the new council chairman Ren Jianxin.

But Ren is now history, replaced by President Sinochem Ning Gaoning. Although all the refusals were previously swallowed up in the summer, the state-owned Sinochem Chemchina conglomerate had almost no agreement in Switzerland with dry towels. And the promise of "Syngenta remains Syngenta" increasingly mocked the ears of around 28,000 Syngenta employees.

Now it's Seco's turn

Because the new owner of the Far East is Krishna. Thus, the group refused to pay today, which was promised in 2017 profit sharing totaling $ 15 million. The Swiss workforce is worth $ 2.5 million. This case now uses the State Secretariat for Economic Affairs (Seco). Because Unia has called the Federal Appointment Office. "Payment has been promised, we can send a letter," said Blaise Carron, who is responsible for Syngenta in Unia.

There is still great confidence: Ren Jianxin (left) and Michel Demare after Chemgina's acquisition of Syngenta in June 2017. (Photo: Keystone)

When Syngenta was still independent, the company registered, there was a generous employee stock plan: each employee could buy Syngenta shares for 5,000 francs, and the Group took over half of that, or 2,500 francs.

$ 1,200 per employee

At the end of 2016, when the acquisition by Chemchina was in completion, Syngenta management wanted to rebuild the investment model: Employees must receive 2 percent of annual profits rather than shares every year. That makes sense because Syngenta is issued from the stock exchange. For the 2017 transition year, the Group is committed to paying employees at least $ 15 million. In Switzerland, every employee must get $ 1,200.

"The money must be paid, regardless of whether or not Syngenta makes a profit," reported the Unia representative, Carron. In two emails from the end of 2016, management has confirmed payment. However, Unia does not want to publish e-mail traffic so that it does not place all the cards on the table in advance in the upcoming procedure for resolving disputes at the Federal Arbitration Office.

Initial mega takeover did not develop for Chemchina as expected. In 2017, Syngenta reported a loss of just under $ 100 million. This is due to a $ 1.6 billion provision to settle an expensive lawsuit in the United States for selling GM corn to US farmers. There is no import permit for this corn in China's main market.

Employees continue to wait for their money

However, the owners of Syngenta Chinese seem to no longer want to remember the old promises made for the employees. Without profit, without money, that's the motto. So Swiss Syngenta employees are still waiting for $ 1,200 for 2017.

"We will not comment on internal and confidential discussions regarding the salaries of our employees," a spokesman for Syngenta said on request. "Such discussions and will always be one thing: personal."

Skepticism increases

According to Seco, there is no date when the settlement will deal with the millionaire dispute at Syngenta. Seco is examining whether the conditions for the conciliation procedure facilitated by the state are fulfilled, the office said.

For Unia, disputes regarding special distribution to employees gave a bad picture of how the new owners of the Far East deal with labor. "If they don't even keep this promise, what are the other values?" Not only asking Unia Blaise Carron representative.

(Tagesanzeiger.ch/Newsnet)

Created: 27.11.2018, 16:05 hours

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