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In finance, discounting is a mechanism in which a debtor obtains the right to delay payments to a creditor, for a defined period of time, in exchange for a charge or fee. [1]
It was established in 1913 by local industrialists and landowners, including by Witold Kukowski [], who became its CEO, principal shareholder and member of the supervisory board; Stefan Przanowski, who became its executive-chairman, principal shareholder and chairman of the supervisory board; and Emil Engwall, who became its principal shareholder, vice-chairman and its first capital investor.