English
The Olt County Court on April 6th denied Property Fund"s motion to annul the ALRO shareholders" decision to increase share capital to 394.8 million RON. The decision was made on June 23rd, 2005 and challenged on July 27th, 2005 by the State Assets Recovery Authority (AVAS).
On October 19th, 2005, Olt County Court denied AVAS motion, but AVAS took the matter to the Supreme Court, which denied the motion on February 15th, 2006 and acknowledged the transfer of AVAS" status in the case to Property Fund. The Olt County Court ruling can be appealed.
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