EnglishThe bank accounts of "Electroputere" Craiova (stock symbol: EPT) could be frozen, at the request of the Craiova Tax Department, if the company doesn"t pay, by the end of this month, a one million Euros installment, of the three million Euros the company owes the former.
"We have begun the forced execution procedure on the company, but we have reached a verbal agreement with the company"s officials that they pay 1 million Euros of their outstanding debt towards us", Mr. Ioan Văcariu, head of the Craiova Tax Department, said, in a statement for "Bursa".
"The management of the company promised that they would pay back these debts. If they don"t, we will send out letters to their banks requesting that their accounts be frozen", Mr. Văcariu added, saying that the next step that the Tax Department may resort to would be the foreclosure of "Electroputere""s mortgages.
The Craiova company was privatized at the end of 2007, when "Al-Arrab Contracting Company Limited" bought EPT"s majority stake from the Authority for State Assets Recovery. The company has a market value of 11.29 million lei, according to the average price of 0.0910 lei/share, of Friday"s trading session.
Last year, the company posted 37.28 million lei in losses, after it had posted 48.4 million lei in losses in 2007.
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