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March 23, 2023

Musat&Asociatii: The deadline for the privatisation of CFR Marfa, insufficient

The law house Musat&Asociatii, consultant of the Ministry of Transportation for the privatisation of CFR Marfa, yesterday warned the institution that the 60-day interval provided for the completion of the transaction might be insufficient, Mediafax reports. “Finally the sides in the contract assumed this deadline and it is neither usual, nor appropriate for a legal consultant to censor the decision of the client (this time a governmental entity), much less both sides,” reads a press releas issued by the lawyers. They explain that the sides are not responsible for the failure to finalise the deal, nor their legal consultants.
The sale of 51 pc of CFR Marfa to Grup Feroviar Roman (GFR), a company controlled by businessman Gruia Stoica, could not be completed until the October 14 deadline because some lender banks of CFR Marfa did not agree to the change of shareholders, while the Competition Council did not have the time to issue an opinion on the transaction. The consultants add that the three conditions for the finalisation of the transaction were the approval by the CC, the conversions into shares of some of CFR Marfa’s debts towards the Ministry of Finance and the approval of lender banks regarding the change of shareholding structure in CFR Marfa, all three relying on the decision of third parties.
Iohannis: It’s a pity that the privatisation of CFR Marfa was not achieved
PNL first vice-president Klaus Iohannis yesterday deplored the failure of the privatisation of CFR Marfa, which is “unpleasant” for the government, but will not be of much consequence, as the procedure will be repeated soon, Mediafax reports. Asnwering a question asked in a press conference about the failure of the privatisation of CFR Marfa, he said that “it’s a pity” that the operation could not be completed. “I believe this is the responsibility of those who were unable to keep CFR Marfa in a reasonable state,” Iohannis added.

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