The Bucharest Court of Appeal rejected, by a final decision, Hidroelectrica’s petition for the registration of the project for the company’s division and merger, with a view to founding the national company Hidroenergetica, Mediafax informs.
The Bucharest Court rejected, in December 2010, the project for the division of the company Hidroeletrica and its subsequent merger with the view to founding the national company Hidroenergetica, arguing that the merger of the energy companies, concomitantly with the division of Hidroelectrica, could not take place. The Ministry of Economy and the companies involved in the creation of the national energy company Electra announced, at the time, that they would contest the ruling of the Bucharest Court of Appeal, which rejected their project.
The Hidrosind Federation stated, yesterday, in a press release, that, in their rulings, the courts “shared the trade unions’ criticisms regarding the illegal nature of the projects, both insofar as they act in violation of the trading companies law, in terms of the Government’s illegal attempt to divide Hidroelectrica, concomitantly with setting up, by merger, two new companies, as well as insofar as the projects failed to highlight, accurately, the assets and liabilities which were to make up the two new companies’ patrimony”.
