Assets of IMAR SA put up for auction found no buyers

The Department of Public Finances of Arad held two auction sales for the sale of movable and immovable assets of IMAR SA, but the sale attracted no buyers.

Four apartments, a car and equipment used in the production of furniture will be put up for sale again, after the ad is published again.

"We found no buyers on our first attempt", said Călin Arusti, spokesperson for the Department of Public Finances of Arad. He added: "The auction sale will be held again, and the starting bid will be lowered by 25%".

The Department of Public Finance has put up for sale four buildings and a group of movable assets owned by IMAR SA. The company has unpaid debts to the state budget of 2,000,000 lei (around 500,000 Euros).

According to information published on the webpage of the Department of Public Finances of Arad, IMAR SA is at risk of losing four apartments. The bidding started at 102,493 lei - a 2-room apartment in Arad, Aleea Ulise, block Y13, entrance A, ground floor, with a surface of 63 sqm, and 146,116 lei for the 2-room apartment located on Ecaterina Varga street.

The movable assets are worth in excess of 240.000 lei. They include a wood residue steam boiler of 4.5 tons/hour; a superheated steam boiler of 4.5tons/hour; a hot water boiler running on wood residue; and a sheetwood pressing and gluing machine.

Also on sale is a Fiat Punto of 2006.

Apart from these auction sales, IMAR has also been sued by 120 of its employees, which were not fully paid their wages. Workers claim they are owed an average of 5,000 lei each, in the form of meal tickets, salaries and severance packages.

IMAR SA owes the Department of Public Finances 2,129,426 lei, of which 25,861 in tax arrears, 728,509 lei unpaid VAT, 580,672 lei in unpaid wage taxes, 55,670 lei in other unpaid taxes and interests and penalties amount to 738,714 lei.

IMAR SA Arad is one of the largest Romanian furniture makers, which exports over 80% of its output, to markets such as: Switzerland, Italy, Russia, CIS, USA, Slovakia and Hungary.