Karoly Borbely, a former state secretary with the Ministry of Economy, resigned Tuesday from the Board of Administrators (CA) of Oltchim company (OLT), where he held the position of chairman, invoking personal reasons, Mediafax reports. He had been appointed to this job in March this year, instead of Constantin Dascalu, an advisor to former Economy minister Ion Ariton. The state controls, via the Ministry of Economy, 54.8 pc of the Ramnicu Valcea-based chemical plant, which reported for Q1 this year losses worth RON 82.8 M (EUR 19 M), against a negative result of RON 2.64 M in the first three months of the previous year. Oltchim shares lost 4.23 pc Tuesday at the Stock Exchange, as they dropped to RON 0.77. At this quotation, the company has a capitalisation of RON 264.27 M (EUR 59.2 M).