Fiscal authorities seize Petromidia assets
The National Fiscal Administration Agency (ANAF) has levied
distress on land and equipment of Rompetrol Rafinare (Rompetrol
Refining -RRC), which holds Petromidia refinery, as well as on
stakes in company subsidiaries.
This is the latest move by the Romanian authorities in what is
shaping up to be one of the biggest scandals of the year: the
recovery of 570 million euros in debts owed by Petromidia to the
Finance Ministry.
The ANAF decision comes after the proposal made at the beginning of
this month by Rompetrol Rafinare's Board of Directors, according to
which the company could mortgage all its assets in favour of
majority shareholder Rompetrol, now controlled by Kazakh state-held
company KazMunaiGaz, in order to guarantee 900 million dollars in
loans taken out from the latter.
The proposal is to be analysed tomorrow and comes in the context
where the state will most likely become a minority shareholder of
Rompetrol Rafinare this year by converting into shares the bonds
that have not been bought back by the company by September
30th.