* Fenechiu to the World Bank: "The private management is doing worse than the former state managers"
After about three months at the helm of CFR SA, Dimitris Sophocleous has resigned from the position of private manager of the company, due to the fact that the Minister of Transports has rejected the administration proposed by the Board of Directors (CA).
According to the law, this leads to the termination of the term of the directors, which accuse the politicians of being "desperate" not to lose control of a state-owned company and of the European grants.
The state owned company states: "We estimate that this abrupt change is not based on any economic arguments, as the company's situation has improved over the last few months, but rather by the desperation of the political factor not to lose its influence on the resources of a state owned company and of the European financing".
Dimitris Sophocleous recently said that the management plan was approved by the Board of Directors and that the administration went "to the Ministry of Transports for review and approval". According to him, the members of the General Shareholder Meeting (AGA) have said that an adjustment of the actions of the administration plan was requested.
Dimitris Sophocleous said yesterday, in a press release: "We think that at this moment the commitments made by Romania to the international financial institutions are in peril, together with the credibility of the representatives of the government in this relationship. As a result of the rejection of the administration plan I have handed in my resignation from the position of the managing director of the CFR". He mentioned that three months after taking over his mandate, he has already obtained results for the company, and he provided examples such as the reduction of the arrears to the state budget from 620 million lei, in
