The ongoing two-year conflict between the management of theOltchim Râmnicu-Vâlcea plant (OLT) and the Germans at PCC, has inthe past few months escalated amid allegations thrown around byboth sides.
PCC has filed a complaint with the DNA (National AnticorruptionDirectorate) against Oltchim boss Constantin Roibu based onallegations published in the local Râmnicu Vâlcea press onactivities that would have prejudiced the company, while Oltchimwants to bring a court case against the Germans for allegedlyabusing their status as minority shareholders and for keeping thecompany from achieving the budgeted indicators for 2009 and2010.
At stake is control over Romania's biggest chemical plant, whichRoibu has been running for 20 years as a representative of thestate, as the majority shareholder, with PCC being a minorityshareholder with a 12.1% stake. At play are the privatisation ofthe plant, which has been recently brought up again by the IMF, andthe fate of the company's over 3,400 employees. PCC, which owns achemical plant in Poland and is in competition with Oltchim oncertain product segments, has expressed its intention to take partin the plant's privatisation.
The Economy Ministry, which is Oltchim's majority shareholder, hasso far endorsed Roibu, voting in favour of the chairman's proposalsin the General Meeting of Shareholders.
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