Romanian prosecutors say capital boosts and investments in the Petromidia refinery, currently known as Rompetrol Rafinare – a part of the Rompetrol group, were done using other money than that presented when the plant was bought from the state years ago.
If confirmed, a clause in the contract that transferred Petromidia from state to private hands may be invoked to allow the state take back the refinery.
This would complicate current disputes between the Rompetrol group and the political power in Bucharest as several top managers at Rompetrol are investigated under organized crime and other charges.
A document from the Prosecutor General archives dated May 27, 2005 shows the money Rompetrol Group spent to buy the plant was in fact due to the Romanian state budget. The document believes the Netherlands-based Rompetrol Group BV ommitted knowingly to inform the Authority for Privatization in Bucharest about the true source of investments.
If the Authority knew the details, it should have strengthen its hold over the privatization process and change the shareholder scheme at Rafinare, according to the the top prosecutor’s office.
The Rompetrol Group BV is the main stakeholder in Rompetrol Rafinare, a plant it bought in 2000.
Asked to comment on this information, Rompetrol officials and Salans, the law office representing the company, failed to provide answers.
Romanian prosecutors say capital boosts and investments in the Petromidia refinery, currently known as Rompetrol Rafinare – a part of the Rompetrol group, were done using other money than that presented when the plant was bought from the state years ago.
If confirmed, a clause in the contract that transferred Petromidia from state to private hands may be invoked to allow the state take back the refinery.
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