Rompetrol Rafinare does not owe any money to the state, court rules

The Constanta Court decided, on Friday, that Rompetrol Rafinare Constanta (RCC), from the Rompetrol group, no longer owes any money to the state out of the USD 603 M-debt converted into bonds in 2003, sources in the judiciary stated, yesterday, for Mediafax. In October 2003, the Government issued an ordinance regarding the conversion of Rompetrol’s debts to the state budget, at their September 30, 2003 value, including interests and fines, into seven year-bonds. To date, Rompetrol Rafinare recovered USD 71 M-worth of bonds and paid USD 24 M in interests. KazMunaiGaz, the owner of Rompetrol group, decided, last year, in the Shareholders’ General Assembly, to convert into shares the bonds Rompetrol had issued in 2003 and had yet to repurchase from the state. The Public Finance Ministry (MFP) contested, in court, the decision to supplement Rompetrol Rafinare’s capital, but lost the suit on two occasions, in August and, respectively, November 2010. “The suit filed by the state, regarding the annulment of the SGA resolutions by which Rompetrol Rafinare decided to recover a portion of the bonds and to boost Rompetrol’s joint stock by conversion of bonds not purchased by the maturity date into stocks, was denied,” the sources stated.

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