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May 11, 2021

Hidroelectrica risks a fine worth 2-4 pc of its turnover

The Competition Council (CC) might fine, in the second half of this year, Hidroelectrica and its partners in the contracts with the so-called ‘smart guys’ with 2-4 pc of the turnover, CC president Bogdan Chiritoiu announced yesterday, in a meeting of the British-Romanian Chamber of Commerce (BRCC). He explained that there is the suspicion that these very long term contracts are illegal, because they do not allow the entry of new players and the market is closed. The contracts with the smart guys were one of the causes for Hidroelectrica becoming insolvent in the summer of 2012.In retort, Remus Borza, representing Euro Insol, the judicial administrator of Hidroelectrica said in a conference during the launching event of the ‘Phoenix’ project that a fine ordered by CC against the company for the contracts with the smart guys, after they were suspended, represents a verdict in advance, a decision that will sign the bankruptcy of the company which is already insolvent. The Phoenix project aims at recruiting 67 managers for the top and middle management of Hidroelectrica and its 13 branches at country scale. It is the most complex and radical process of management changing implemented by a company in the history of modern Romania, according to Euro Insol.

“Hidroelectrica will have a professional management, which may come from inside or outside the company, without political interferences,” Borza mentioned. Moreover, according to the same source, Hidroelectrica will have sale offices in Budapest and Vienna, which will export the production surplus of the company, estimated at 500 GW in 2013.The head of the CC added that in 2013 the Council will conclude several important probes – very soon one in the banking sector, regarding the excessive commission fees for the use of cards, another on the market of electricity, about paving works, in the pharmaceutical industry, another about the recycling of old electronic appliances, food retail and the contract between the Romanian lottery operator and a Greece-based company. The Competition Law will be modified this year or next year. In its new form, the law will provide mechanisms that will encourage employees to denounce the infringement of the legislation by their companies, and will allow ending probes in a shorter time.

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