The Romanian state Energy Packages Management Company (SAPE) filed a lawsuit against Electrica, controlled by the Romanian state at a rate of only 48.7% following the privatization in 2014. The 51% IPO of Electrica took place in June 2014, the company gathering a record amount of nearly 2 billion lei (443 million euro) from the market.

The company’s shares were listed in parallel to the Bucharest Stock Exchange and the London Stock Exchange. But not all the post-privatization obligations assumed have been fulfilled, says SAPE, which claims in court a compensation of 800 million euro.

“According to SAPE, the claims would be so-called damages caused by the failure in the past by Electrica to meet the post-privatization obligations assumed by investors who acquired shares in the privatized companies in respect of which Electrica acted as the seller, as these obligations resulted from the privatization contracts,” a release published by Electrica and quoted by zf.ro reports.

These claims were the subject of a notification sent to Electrica in 2015 by SAPE, reported on September 9, 2015.

“Electrica will take the necessary steps to protect its interests and its shareholders and will constantly inform the market about the evolution of this dispute,” the release adds.