EnglishThe State Assets Recovery Authority (AVAS) believes that the European Commission investigation into the Petrotub - Roman privatization is perfectly legal and normal, considering the Accession Treaty provisions on iron & steel industry privatization. AVAS also pointed out that the company"s economic and financial status after privatization was sufficient evidence that the decision to privatize it instead of liquidating it was correct.
The European Commission has started an investigation to determine whether EU regulations on State had were violated upon the sale of Petrotub - Roman to Mittal Steel, which included debt write-off or debt reschedule for 26 million EUR.
Petrotub was privatized to Mittal Steel in October 2003 and was renamed to Mittal Steel - Roman. On August 30, 2003, the company had a share capital of some 361 billion lei and losses of 270 billion lei. The aggregate value of the debts was some 3,000 billion lei (84 million USD). AVAS decided to sell the State"s 69.76% in the company to the only bidder, LNM Holdings NV for 83 million USD including 43 million USD in environmental investments and 40 million USD in underwritten debts.
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