Neptun Olimp not willing to mortgage assets

(story to be published in tomorrow’s issue, March 15)

Neptun Olimp shareholders on Friday refused the request of the company’s management to approve a credit line worth 35 billion lei, through mortgaging two assets in the resort, for covering the employees’ salaries and for mending and maintenance preparations for the start of the season, says Mediafax news agency. Dan Alexandru Cucuiu, SOF representative within the General Assembly of shareholders of Neptun Olimp, underlined that, given the faulty cooperation between the general manager Rafte Pascal and SOF Bucharest, a decision was made for all the documents of the general assembly of shareholders to be submitted at least 15 days in advance in order to be analysed first. SOF and SIF Transilvania, the main shareholders of the company, during the same session rejected the proposal of the company to associate with five private companies. According to the proposal, Neptun company pledged to offer the companies 4,500 square metres of land to be used for building several commercial centres on the expense of the companies: Vlahos (two commercial spaces), Romtur Trading, New York Times, Gerom and Darcom. The Assembly was informed that the asymmetrical split of the company was in its final stage of negotiation, a reason for which “any proposals of association, renting and co-operation are not appropriate.” Concerning the litigation between Neptun Olimp and Aqvilon company, which claims damages of 11 billion lei and which won law suits against the resort, shareholders established that management board members should analyse all the documentation and appeal to the general prosecutor. On the other hand, the State Ownership Fund and the financial investment company will submit a request of intervention in favour of Neptun-Olimp.