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Other Zug-based companies are also dependent on Russian money. The Director of Economics makes a statement.
On Tuesday it became known that the company “Nord Stream 2 AG”, based in Zug, had to lay off many employees. It is building the gas pipeline between Russia and Germany and was hit hard by the sanctions against Russia. In an interview with SRF, the Zug economics director Silvia Thalmann-Gut now specifies: The company had to file for bankruptcy and the entire workforce of 106 people is released. 140 people were incorrectly spoken of yesterday. Given that other Russian companies have their headquarters in Zug, this could just be the beginning. In an interview, Thalmann-Gut explains what the canton is preparing for.
SRF News: All employees of “Nord Stream 2 AG” have lost their jobs. What can the Canton of Zug do for you?
Silvia Thalmann-Gut: We were informed today that this company cannot be continued. It is therefore not a case of mass redundancies, but the company had to deposit the balance sheet (note: file for bankruptcy). The employees have received the notice of termination. We are now informing them of their rights and obligations.
Have you had contact with the management of the company?
The head of the Office for Economics and Labor was on site today and was informed in detail about the situation.
Legend:
“Nord Stream 2 AG” has invested around 7.4 billion euros in the construction of the gas pipeline from Russia to Germany.
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Who are these people who are now losing their jobs?
We will receive detailed information about this. Our RAV employees pass by in three groups. Two provide information in English and one in German. It’s an international crew. In addition to the Swiss, there are also those with a C and B settlement permit.
Is there a social plan?
No, that does not exist. The company is insolvent and therefore cannot secure a social plan.
I cannot rule out that other companies will be affected.
“Nord Stream 2 AG” is just a company with Russian origin or Russian participation in Zug. What is the situation of the other companies?
We are currently working on a layout for this. If a company is affected by these sanctions, it will quickly show up in liquidity. It no longer has access to the financial means to pay wages and bills. The company has to lay people off or even file for bankruptcy.
Do you assume that there will be a kind of wildfire in the canton of Zug?
It is difficult to say what the consequences will be. We analyze how exactly the Zug companies are intertwined with Russia. Nord Stream became insolvent because of last week’s US sanctions. Those from Switzerland have not yet played a role. So I cannot rule out that other companies will be affected.
Will you feel this in tax revenue?
It will undoubtedly have an impact. These are very powerful companies that are now affected.
The conversation was led by Mirjam Breu.