Ardaf shareholders have to come up with 51m euros

Shareholders in Ardaf Cluj, a company placed under receivership by the Insurance Supervision Commission (CSA), decided to raise the share capital of the company by 181.2 million RON (51.5 million euros) by contributions in cash, a sum the company needs to stay afloat. The company of Cluj is controlled by businessman Ovidiu Tender, through Tender SA company (70.69%), Clairmont Holding Ltd., an offshore of Cyprus held by Firebird investment fund (12.71%), Raiffeisen Zentralbank Austria (10.19%) and others, according to RASDAQ data. Tender is now under arrest in a case related to another business. The company had been placed under receivership given its worsening financial situation and its drop in liquidity coefficient below the limit set by the law. The company’s shareholders also decided to oust the members of its Board of Directors. Ardaf in 2005 registered turnover standing at 64 million euros, ranking eighth on the insurance market.