Bogdan Tudorache

Companies such as Salrom or Hidroelectrica could have more state-backed capital if a new emergency ordinance approves the Ministry of Economy’s draft that states purchase conditions for packages of companies already owned in various proportions.

The project provides for permission to access funds by which the state (through ministries or even the municipalities) will buy additional shares at strategic interest companies, according to the draft Ordinance published by the Ministry of Economy. The document, however, seems to refer explicitly to Fondul Proprietatea’s holdings.

“At present, through its strategy, the Fondul Proprietatea’s shareholder intends to sell its shares to some strategic interest companies that the central public authorities are also operating and they can not participate in the real-time for buying of shares. Likewise, the manifestation of the right of preference can not be produced in real time, in some cases the public interest in some companies in strategic areas of activity or access to public natural resources being damaged”, according to the substantiation note of the act.

Fondul Proprietatea currently holds packages for 34 companies, totaling about 2.5 billion euros, according to estimates. The fund was created to compensate owners whose property was illegally and abusively seized by the communist regime. The takeover by the state of the companies within the FP would represent a double effort on the part of the Romanian taxpayer for the same investment fund – in the formation of the Fund, state-owned shares were added that enjoyed multi-annual subsidies and erarses of the historical debts in the majority of state-owned companies. A possible re-purchase by the state of the same companies would mean a new effort on the Romanian taxpayers’ money.