The fate of the current management of the CE Oltenia should have been decided on Wednesday, August 7, but the Supervisory Board (SB) of the company decided to move the meeting today, Monday, August 5, without notifying the members of the management, told energynomics.ro Sorin Boza, the chairman of the Directorate of the company.
Boza claims that he does not know whether the current management team has been dismissed or not, but sources contacted by energynomics.ro claim that this has not happened.
At the same time, in a telephone interview with energynomics.ro, Boza denies the accusations made in the local press regarding a mismanagement or his illegal appointment and still maintains that there is political pressure, especially from the Gorj area.
Currently there are two Control reports for CE Oltenia, one made by the Ministry of Energy and the second by the Government Control Body. The first report was challenged in court, and the second was contested with amendments – it partly taking the same ideas from the Energy report, the one challenged in court – Boza told us.
According to the Report of the Prime Minister’s Control Corps, the management was called in violation of the law and numerous management irregularities were found, writes the local and central press.
“The law was completely respected, on appointment, which was carried out through the selection procedures with a foreign firm … They now come after three years (to challenge it – n.r.) …”, says Boza.
“Wednesday’s meeting was held today. I did not receive any information about what was discussed … As it would be normal. We are waiting for the minute of the meeting”, Boza told us. He argues that the old SB called and the meeting directorate, “as is normal”, but this is not the case for the new one, recently appointed.
“The Control Report of the Ministry of Energy is challenged by us in court. For the Government report, we made a preliminary complaint with some comments from us. Information was used from the Report of the Control Body of the Ministry of Energy, and the one being challenged in court … ”
Asked if the political pressures remained high, Boza told us: “The only unchanged director in energy was me.”
Boza mentioned that all the decisions of the board of directors were responsible, and not with any irregularities, and that the actual management team is a very good one.
Shareholders’ meetings are coming on August 12
CE Oltenia will require the shareholders’ agreement at the August 12 meeting to sell the real estate or assets that are not part of the company’s core business, the convocation says.
The company motivates the sale through the necessity to obtain cash flows, but also to get rid of maintenance costs and depreciation worth millions of lei. In fact, CE Oltenia was summoned by some municipalities because of the lack of investments in the maintenance of certain buildings.
Thus, CE Oltenia convenes the extraordinary general assembly for August 12 and will also decide on other assets or court actions on various debtors.
At the same time, CE Oltenia resumes the idea of privatization by listing almost 15% of shares at the Stock Exchange, according to a document consulted by energynomics.ro.
Thus, CE Oltenia convenes the extraordinary general assembly for August 12 and will decide on other assets or court actions on various debtors.
The document asks for the re-mandating of the consortium formed in 2013 by Swiss Capital and BRD to mediate the privatization through public offer by capital increase for “12% of the share capital, plus new issued shares representing up to 3.29 % of the share capital, unsubscribed by existing private shareholders”.
Shareholders have requested the disclosure of the barrier factors in the privatization process, which was launched in 2013 and interrupted in the meantime.
