English
The fiscal incentives granted by the Vacaroiu Government upon the privatization of the car factory in Craiova in 1994 could prevent the re-privatization of the company by the State, which bought out the Korean shareholder of Daewoo Automobile Romania in 2006.
Inside sources indicate that the Fiscal Administration Agency (ANAF) last year issued several warnings asking the company to pay controversial debts resulting from the tax exemptions granted to the carmaker in the first years after privatization.
The sources indicate that the debt could originate in the customs duty exemption for car imports from South Korea and that the overall sum would be up to 800 million EUR. One solution to remove this investor scarecrow could arise during the next Shareholder Assembly meeting, when the reorganization plan and privatization plan are on the agenda.
The sources indicate that ANAF is currently working on debt certification documents and even foreclosure documents. ANAF former president Sebastian Bodu could not be contacted for comment. Automobile Craiova, which holds some 49% in Daewoo Automobile Romania, has called a Shareholder Assembly meeting for February 5th to take stand on ANAF"s measures.
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