Ardaf shareholders will have to contribute 30.9 million euros to the share capital of the insurance company by September 30 this year, according to a decision of the Insurance Supervision Commission (CSA), which includes the steps to be taken for the financial recovery of the company throughout the receivership procedure. Ardaf shares fell 25% on the stock market yesterday, with the company losing 11 million euros of its market value.
The insurer currently has a share capital of 14 million euros (50 million RON), but the CSA decision says if the company is to bounce back, it needs at least 160 million RON (44.9 million euros) in capital.
The company is controlled by businessman Ovidiu Tender, who owns 70.69% in Ardaf through Tender SA. The remaining shareholders are Clairmont Holding Limited (12.71%), Raiffeisen Zentralbank Austria (10.19%) and other minority shareholders. Ovidiu Tender is currently in custody, and is being tried in the Rafo case.
"The recovery plan proposed by the CSA is very good and helps Ardaf. In theory, the company sees to its business as usual, we sell policies, underwrite, and settle claims," Octavian Manastireanu, chairman of Ardaf's Board of Directors told ZIARUL FINANCIAR.
He specified the shareholders of the company were those that suggested the capital increase amount and the deadline for subscribing it, that is 30.9 million euros by September 30.
CSA has appointed Costea Radu, an independent lawyer, to be the receiver of the company. Besides the capital increase, the recovery plan also includes other steps the company will have to take during this period.
The most important factors are the ban on investment, the reduction of the expenses made to run each branch of the company and the ban on the sale of any assets of the company, CSA's decision reads. Ardaf's assets stood at 50.8 million euros at t
