For the last few weeks, the domestic capital market has been faced with an apparently surprising situation, in which blocks of shares that the AVAS owns in various companies listed on the Bucharest Stock Exchange, were put up for sale using special orders, after a court appointed liquidator was awarded the right to foreclose by the courts.
At the request of the AVAS, the capital market regulator decided to intervene, and suspended for two weeks the settlement of the deals and any subsequent stock sales, to the displeasure of the court appointed liquidators, who said they would not be intimidated and that they have a list which is several pages long, of companies which are part of the portfolio of the AVAS which they intend to sell on the Stock Exchange.
The debtor, in this particular case, is "Proed" SA, a company which is bankrupt, which has among its shareholders SIF "Muntenia" and "Broadhurst Investments Limited".
The liquidators of "Dobra, Coşoreanu& Dobra" said that they have attached four other blocks of shares owned by the AVAS located at the Central Depository, and they are preparing to put them up for sale on the Bucharest Stock Exchange, just like they did with the stakes that the AVAS had in "Casstil" Bucureşti (CAST), "Mercur" Craiova (MRDO), "Agrana România" (BETA) and "Biofarm" Bucureşti (BIO).
This time, the court appointed liquidators are targeting the stocks that the state owns in "Ameropa Grains" Constanţa (CCRL), "Construcţii Feroviare" Craiova (CFED), "Ceprohart" Brăila (CPHA) and "Horticola" Bucureşti (HOLS), claiming that they are willing to go even further to recoup the amount of 8 million lei, even though the Romanian National Securities Commission has suspended the trades involving the shares of the first "batch" of companies.
Iulian Coşoreanu, the liquidator who handled the foreclosure of the AVAS
