The Government is obliged to implement a decision of the High Court of Cassation and Justice (ICCJ), according to which it must sell to the company’s employees shares of OMV Petrom, up to 8% of the share capital, at the same price as at the moment of privatization. The legislation is not clear on who the beneficiaries (former or current employees) are, and what exactly is the percentage of shares, says Johan Meyer, CEO Franklin Templeton Investments and Fund Manager Fondul Proprietatea.

“If there will be such a transaction, the government will sell up to 8% of its shares at the price that was at the time of privatization, but the law is not clear about the percentage: it can be 8% or 0.1%. We don’t know also if it is sold to the employees from the moment of privatization or the current employees, it is a nightmare, if it happens, there will be years of litigation, because some will feel deceived,” the Fund official said, according to Agerpres.

He does not believe, however, that the Government will take such a measure. “Honestly? To see the government selling the share package at that price level, I would be surprised, it is not something we think will happen in the short term,” Meyer said.

The High Court decision was taken on May 8, 2019, but has not been publicly disclosed so far. Senator Calin Popescu Tariceanu said on Monday, without giving much details, that the issue of the sale of these shares will be discussed at the next meeting of the PSD-ALDE Coalition.