The Prime Minister’s control body completed a control at Transelectrica and its Smart subsidiary, following which it discovered irregularities in terms of the increase of the share capital, the selection procedure of the Supervisory Board and the Management Board, as well as the payment of excessive amounts for some contracts.

According to the summary of the report, the control covered the period January 1, 2016 – December 31, 2018 and was completed in early August this year.

Among the main conclusions is the fact that Transelectrica has not completed, until the control date, the steps to increase the share capital with the updated value of land for which the company has obtained certificates of ownership successively, since 2000, according to Agerpres.

Also, even though the General Meeting of Shareholders approved the initiation of the selection procedure of the Supervisory Board in 2017, its members received only temporary mandates from then until now, as is also the case of the Company’s Board of Directors.

In addition, the inspectors found several contracts concluded by Transelectrica and Smart, where the energy transport company paid larger amounts than would have been the case. Other contracts did not meet the deadlines.

The control report was completed on August 4, 2020.