19.8 C
May 11, 2021

Oltchim privatisation still possible, judicial administrator says

The minister of Economy, Varujan Vosganian nominated BNR counsellor Bogdan Stanescu, as special administrator of the plant. Among the reasons of the insolvency there are bad management, transactions with firms controlled by the managers of the plant.

The judicial administrator of Oltchim recommends the privatisation of Oltchim either by creating a new company (Oltchim 2) that will take over the functional assets of the plant, or by separating the viable operations from non-viable ones, Mediafax reports. “The judicial reorganisation of Oltchim is still possible, but then Oltchim will have to be privatised with a strategic investor from the chemical or petrochemical sector, which can bring raw materials and distribute the products,” lawyer Gheorghe Piperea, one of the judicial administrators of Oltchim said in a press conference yesterday.Piperea included among those responsible for the insolvency of Oltchim the former general and executive managers of the company during 2009-2012, such as Constantin Roibu, Olaru, Vasila Mandica, Veronica Preoteasa or Daniel Mihaiescu. Other people responsible are all the members of the Board, Piperea said, adding that the list of culprits, which has 20-30 names, is not exhaustive. “The turnover was fictive. There was no work in Oltchim, it gave the impression of social peace. Taking over the petrochemistry of Arpechim was a poisoned gift,” Piperea added.The causes of the insolvency of Oltchim are bad management decisions, sales on the loss, the transactions made by the company with firms controlled by the members of its top management and paying for counter-performance, according to the judicial administrators of the company. “Practically, Oltchim was no longer controlled by its shareholders, but by the traders which were directly or indirectly controlled by the plant management,” Piperea explained while presenting the report on the causes that generated the insolvency. Piperea added that “Oltchim is a sick man in coma, or even in clinical death,” and its situation “is very ugly.”In his turn, the minister of Economy, Varujan Vosganian told the press conference that the creditor commercial banks contacted by the judicial administrators for a loan of at least EUR 10 M demand a programme meant to increase the efficiency of the plant, so the money is not wasted.The minister of Economy announced that he nominated as Oltchim special administrator Bogdan Stanescu, counsellor to BNR deputy governor Bogdan Olteanu. “Stanescu will designate the executive management of the plant,” Vosganian added.

Related posts

Romania, Bulgaria at risk, over Greece financial woes


Orange Romania has signed a deal to acquire a 54% controlling stake in fixed operator Telekom Romania Communications


Oltenia miners’ and energy workers’ strike, put on hold