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Fiscal authorities seize Petromidia assets

Autor: Roxana Petrescu

12.09.2010, 23:57 13

The National Fiscal Administration Agency (ANAF) has levieddistress on land and equipment of Rompetrol Rafinare (RompetrolRefining -RRC), which holds Petromidia refinery, as well as onstakes in company subsidiaries.
This is the latest move by the Romanian authorities in what isshaping up to be one of the biggest scandals of the year: therecovery of 570 million euros in debts owed by Petromidia to theFinance Ministry.
The ANAF decision comes after the proposal made at the beginning ofthis month by Rompetrol Rafinare's Board of Directors, according towhich the company could mortgage all its assets in favour ofmajority shareholder Rompetrol, now controlled by Kazakh state-heldcompany KazMunaiGaz, in order to guarantee 900 million dollars inloans taken out from the latter.
The proposal is to be analysed tomorrow and comes in the contextwhere the state will most likely become a minority shareholder ofRompetrol Rafinare this year by converting into shares the bondsthat have not been bought back by the company by September30th.

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