Fate of Tractorul to be decided next month

Almost one year after the signing of the privatisation contract for Tractorul Brasov, the transfer of ownership has still not yet been completed. The Authority for the Resolution of State Assets (AVAS) has given the Italian tractor producer Landini a final respite, until September 15, for the transaction to be finalised.

AVAS has notified Landini that the former body has fulfilled all the obligations assumed in the privatisation contract – the granting of the second instalment of the 45% subsidy for tractor producers; the transfer of the Tractorul stake held by SIF (Financial Investment Company) Transilvania, compensated with shares owned by AVAS in Rulmentul Brasov; and the return of the tool plant to the patrimony of the Brasov-based company.

“Consequently, as far as AVAS is concerned, there are no more reasons to delay the transfer of ownership over the company,” explained AVAS chairman Mircea Ursache.

“We are still looking to see whether the conditions we negotiated for the purchase of Tractorul Brasov still stand. We believe that, by September 15, we will be able to reach an agreement on a final decision. In this case, we are willing to meet with the Romanian authorities immediately after September 15, in Bucharest,” said the president of the Landini Group, Valerio Morra.

AVAS has threatened that, if it gets no answer from the Italian company, it will resume the privatisation of Tractorul after September 15. The State could thus be forced to take back one of its biggest loss-making enterprises.

After privatisation, the officials of the Italian company voiced discontent over the Romanian authorities’ delay in meeting several contractual stipulations.
stelian.negrea@zf.ro