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July 3, 2022

Oltchim auction cancelled, new manager appointed

The agreement with Dan Diaconescu will not be signed, because he has not demonstrated that he had the money. The prime minister dismantled his so-called proof because everything was based on false information. The evidence will be used against him in court. Remus Vulpescu will not take care of privatisations any more. The IMF will accept a new privatisation.

The General Manager of electricity and heat producer CET Govora, Mihai Balan, will take over the management of Oltchim Ramnicu Valcea. His appointment document was approved by the Oltchim Board on Tuesday, said sources from the Economy Ministry, the majority shareholder in the Ramnicu Valcea-based chemical group.Also, the Government has taken note of the annulment of the auction for the sale of the state’s Oltchim stock and of the fact that the privatisation process has failed. Equally, these last ten days’ circus has to stop, said PM Victor Ponta during a press conference he held together with Economy Minister Daniel Chitoiu Monday night. He further added that Dan Diaconescu had not had and still had no capability or intention to effectively participate in the privatisation, being exclusively driven by political and image-related interests to the detriment of the interests of the Oltchim employees and state and accused the former governments again of having tolerated the difficult economic situation of the chemical group. The Oltchim privatisation agreement is not going to be signed, because Dan Diaconescu who won in the auction the majority stock held by the state in the plant has not produced evidence showing that he actually had the EUR 45 M he undertook to pay for the shares, Economy Minister Daniel Chitoiu said Monday night. During the same press conference, Victor Ponta also disclosed the fact that the Gliding Ltd. company that had guaranteed to give Dan Diaconescu EUR 46 M for the privatisation of Oltchim did not exist in the Netherlands and that the person who was supposedly lending him the same sum was a crime novelist who ad no account with HSBC.

Ponta also said the Russian company DIP SOV Group only had a registered capital of EUR 200. According to the prime minister, based on the information received, HSBC has no account in the name of a company named Gliding Ltd., which actually does not exist in Amsterdam. There is a company that has the same name in Great Britain, but its core business is real estate. The other two companies with that name registered in the Netherlands are Gliding Adventure and Gliding Vintage, and they both sell sport items and equipment. Ewoud Lietaert Peerbolte who, in an official document addressed to Eximbank, was saying he would make available EUR 46 M to Dan Diaconescu, is an individual who does not reside in the Netherlands and who as no account opened with the Dutch bank. He also pointed out that the DIV SOV Group that was allegedly willing to give Dan Diaconescu EUR 90 M, was a company registered in Russia with a capital of just EUR 200 and a turnover of EUR 8,352 in 2011Premier Victor Ponta said all those elements were in the possession of the institutions and would be used as evidence against Dan Diaconescu.Diaconescu rages: We will take the Governmentto court Dan Diaconescu said Monday night, after leaving the Ministry of Economy, that he would take the Executive to court over its refusal to sign the agreement for the sale of the majority stock in Oltchim and that he would also file a criminal complaint against PM Victor Ponta and the head of OPSPI. Diaconescu says the deadline set by the Government for signing the agreement was ‘illegally imposed’, as it was not stipulated by any law. ‘They have walked with their booths on our bid’, the OTV owner also said.

PM: IMF will accept new Oltchim privatisation if strategy is viable

The international financial institutions will accept a new process of privatisation for Oltchim if the Government comes up with a viable strategy, PM Victor Ponta said. That was his answer to a question asked by journalists who wanted to know if the memorandum sent by the Government to the International Monetary Fund (IMF) mentioned the voluntary winding-up of Oltchim should privatisation fail. The PM pointed out that various representatives of the international financial institutions had been included to the latest days’ discussions for salvaging Oltchim. ‘The talks have already begun’, Ponta added.

How much these past few days’ advertising would have cost Dan Diaconescu

Dan Diaconescu would have had to pay millions of euros for obtaining this kind of TV visibility if it had not been for the Oltchim privatisation. But he has only ‘invested’ EUR 120,000 – the guarantee he has lost because he has not paid for the shares, according to ‘Adevarul’ daily. The calculation started from the fact that the four news TV stations covered the person for an average of two hours in prime time every day, as well as ten minutes by the three general interest TV stations. They took into account the official TV rates for a 30-second advertising reportage as follows: Antena 3 TV – EUR 2.,000, B1 TV – EUR 2,500, Pro TV – EUR 4,200 , Antena 1 TV – EUR 4,000 and TVR 1 – EUR 4,000. However, given the fact that stations regularly offer discounts from the regular rate, an average discount of 50 per cent was chosen. The result is that, on one night, the exposure Dan Diaconescu had without having to pay a penny to any of these stations was worth EUR 21.35 M. However, the OTV owner was a subject of events for a total of 12 days, which increased the amount to over EUR 256 M. This ‘campaign budget’ is huge for the local advertising and communication market.

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