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October 22, 2021
BUSINESS

KPMG, special administrator of Astra

The Insurance Supervisory Commission (ASF) has implemented a financial recovery procedure regarding the insurance/reinsurance company Astra, to be carried out through special administration. The Commission has also suspended shareholders and the management and appointed KPMG as special administrator. “In case of a major event, Astra will not be able to honor its payment obligations,” said ASF President, Radu Rusanu, in a press conference.
The insurance company controlled by businessman Dan Adamescu, who owns Romania Libera newspaper, granted intragroup in the last three years loans amounting to RON 110 M, of which RON 102 M to Medien Holding.
As of yesterday, ASF has suspended all legal tasks of the main shareholders and members of the company and handed them over to the special administrator for the entire duration of the special administration, as well as the right to vote in decisions on appointing and revoking memberships to the company’s Supervisory Board. Shareholders’ dividend rights have also been suspended and memberships to the company’s Supervisory Board have been revoked and the members’ activity and wage rights have been suspended. The suspension will take effect for the entire duration of the financial recovery procedure through special administration. “The special administrator will take over all tasks of the main members of the insurance company that is subject to the financial recovery through special administration procedure, pursuant to the law and articles of incorporation of the insurance company,” the decision adopted Tuesday by ASF shows. During this process, the company will not be allowed to make investments in transferable securities and real estate, with the exception of placements made in bank deposits and state bonds / treasury bills.

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