Transelectrica must pay Ciprian Constantin Dumitru, former member of the Council, the sum of 0.84 million lei

Transelectrica (TEL) must pay Ciprian Constantin Dumitru, former member of the company's Supervisory Board, the amount of 838,728 plus legal interest, following the decision of the Vienna Arbitration Center, according to an announcement of the energy carrier published yesterday on the website of the Bucharest Stock Exchange (BVB).

In June 2021, Ciprian Constantin Dumitru together with the other members of the Supervisory Board of Transelectrica, were revoked from their positions, but he and other members challenged the decision of the Transelectrica shareholders meeting.

The amount that the company must pay him, to which is added legal interest, updated with the inflation rate, consists of: 605,748 lei representing the compensation related to fixed gross monthly allowances for a number of 39 months; 46,596 lei representing the variable component of remuneration for 2020; 186,384 lei representing non-compete compensation.

"At the same time, through the Arbitral Award, the Arbitral Tribunal obliged Transelectrica to pay the plaintiff the sum of all costs, taxes and arbitration expenses, in the amount of 16,573.30 euros and 178,169.89 lei (including VAT). Any other claims or requests of the parties have been rejected," the report also states.

For the first six months of the year, a net profit of 162 million lei, almost six times higher than the one in the first half of last year, of 28 million lei, in the conditions of a faster decrease in expenses than in income.

The Romanian State, through the General Secretariat of the Government, owns 58.69% of the national electricity carrier, whose stock market valuation amounts to almost two billion lei.