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Bucharest
February 27, 2021
BUSINESS

Trouble at CFR

Transferring CFR Palace from the patrimony of railway operator CFR SA to the Ministry of Transport and Infrastructure (MTI) implied some controversial movements. According to ‘Puterea’ daily, earlier this month an Extraordinary General Assembly of Shareholders in CFR SA ruled the transfer to the Transport Ministry of “the shares held by CFR SA in Group Operation and Maintenance CFR Palace and CFR Telecommunications, plus the land covered by the building near Gara de Nord, in compensation for the sum provided by the accounting books of the Transport Ministry and of CNCF CFR SA. “According to a mandate memo of the Assembly, the Transport Ministry may not distrain assets of CFR SA without a competent evaluation of the actualised value of the assets owned by this branch of the railway infrastructure operator.


The document also mentions that the Ministry must distress assets of CFR SA against a debt worth an approximate RON 6 M. “The account sheets prove the two legal entities extinguished debts up to a total RON 102,498, 716.13, which leaves only RON 6,754,740.37 to be repaid. By issuing the account sheets, MTI recognised that CNCF CFR SA partly extinguished its debt in 2008, through OUG 128/2006. (…) “As a consequence, since 2008, CNCF CFR SA only owes MTI the sum of RON 6,754,740.37,” reads the document. Besides losing the CFR Palace, CFR SA must also pay court fees worth over RON 2,700,000.

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